By: Dima Chernovolov
AUD/USD continues to fall inside the 15-minute Down Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Down Channel at the 3-bar level – which reflects the slow Initial Trend (3 bars) and above-average Uniformity (7 bars). AUD/USD is expected to fall further inside this Down Channel – in line with the earlier breakout of the support area shown below.
As can be seen from the daily AUD/USD chart below – the pair recently broke through the support area located between the key support level 0.6300 (which reversed the price sharply at the start of March) and the lower support trendline of the daily down channel from January. This price area is acting as the strong resistance zone after it was broken. The proximity of this resistance area adds to the likelihood AUD/USD will continue to fall inside this Down Channel.