Trade of the Day: AUD/USD
By: Dima Chernovolov
AUD/USD recently broke the 4-hour Key Support Level 0.6816 which was previously identified by Autochartist. Autochartist rates the quality of this support level at the 5-bar level – which is the result of the 5 previous price reversal from this price level. AUD/USD is expected to fall further toward the forecast price 0,6712.
As can be seen from the daily AUD/USD chart below – the breakout of the Key Support Level 0.6816 coincided with the breakout of the support area lying between the support trendline of the wide daily up channel from September and the 61.8% Fibonacci correction of the previous sharp upward impulse from October. This price area is acting as the resistance zone after it was broken. The proximity of this resistance area adds to the probability AUD/USD will continue to fall toward the forecast price 0,6712.