Trade of the Day: AUD/USD

By: Dima Chernovolov

AUD/USD continues to rise inside the 30-minute Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the slow Initial Trend (1 bar), significant Uniformity (7 bars) and near-maximum Clarity (9 bars). AUD/USD is expected to continue to rise inside this Up Channel.

As can be seen from the daily AUD/USD chart below – the pair earlier broke the resistance zone lying between the key resistance level 0.7315, resistance trendline of the daily down channel from July and the 61,8% Fibonacci correction of the downward impulse from the start of August. This price area is acting as the support zone after it was broken. The proximity of this support area increases the probability AUD/USD will continue to rise inside this Up Channel.