Trade of the Day: AUD/USD

By: Dima Chernovolov

AUD/USD recently broke the key 30-minute resistance level 0.7748 which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 5-bar level – which is the result of the five previous price reversals from this price level. AUD/USD is expected to continue to rise toward the forecast price 0.7787.

As can be seen from the daily AUD/JPY chart below – the pair earlier reversed up from the minor support level 84.00 (which also reversed the price at the start of May) intersecting with the lower daily Bollinger Band. The proximity of the support level 84.00 and the clear daily uptrend increase the probability AUD/JPY will continue to rise inside this Up Channel.