By: Dima Chernovolov
AUD/USD continues rise inside the 15-minute Up Channel chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of Up Channel at the 6-bar level – which is the result of the above-average Initial Trend (6 bars), low Uniformity (3 bars) and significant Clarity (7 bars). AUD/USD is expected to rise further inside this Up Channel – in line with the recent breakout of the resistance level shown below.
As can be seen from the daily AUD/USD chart below, the price earlier broke sharply above the resistance level 0.7640 (top of the previous short-term impulse wave from the middle of December). This price level is acting as strong support after it was broken. The proximity of this support level and the clear daily uptrend increase the probability AUD/USD will continue to rise inside this Up Channel.