Trade of the Day: AUD/USD
By: Dima Chernovolov
AUD/USD continues rise fall inside the 30-minute Up Channel chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of Up Channel at the 5-bar level – which is the result of the medium Initial Trend (5 bars), lower Uniformity (4 bars) and significant Clarity (7 bars). AUD/USD is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the support area shown below.
As can be seen from the daily AUD/USD chart below, the price earlier reversed up with the tall daily Hammer candlesticks reversal pattern from the support area lying between the support level 0.7500 and the 38.2% Fibonacci correction level of the previous upward impulses from November. The proximity of this support area and the clear daily uptrend increase the probability AUD/USD will continue to rise inside this Up Channel.