Trade of the Day: AUD/USD

By: Dima Chernovolov

AUD/USD recently broke the hourly Triangle chart pattern which was previously identified by Autochartist. Autochartist rates the quality of Triangle at the 3-bar level – which is the result of the low Initial Trend and Clarity (3 bars) and below-average Uniformity (4 bars). AUD/USD is expected to rise toward the forecast price 0.7648 – 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 from the support area located between the major support level 0.7560 (which has been reversing the price from December), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse form November. The proximity of this support area increases the probability AUD/USD will continue to rise toward the forecast price 0.7648.