Trade of the Day: AUD/USD
By: Dima Chernovolov
AUD/USD continues to rise inside daily Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of Rising Wedge at the 4-bar level – which is the result of the below-average Initial Trend (4 bars) and strong Uniformity (8 bars). AUD/USD is expected to rise further inside this Rising Wedge – in line with the prevailing uptrend that can be seen on the daily AUDUSD charts.
As can be seen from the chart below – Autochartist also previously identified the breakout of the key 4-hour resistance level 0.7817 (which has been reversing the price from the start of this year) with Significance of 4 bars (reflects 4 previous reversals from this price level). AUD/USD is likely to reach the forecast price 0.7927. Two different type chart patterns in one direction increase the probability of further gains for this currency pair.