By: Dima Chernovolov
AUD/USD continues to fall inside the 15-minute Falling Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 5-bar level – which is the result of the slow Initial Trend (1 bar), higher Uniformity (7 bars) and near-maximum Clarity (9 bars). AUD/USD is expected to continue to fall inside this Falling Wedge.
As can be seen from the daily AUD/USD chart below – the price earlier reversed down from the resistance area located between the resistance level 0.7450 (former support from the start of July), upper daily Bollinger Band and the50% Fibonacci retracement of the previous sharp downward impulse from June. The proximity of this resistance area adds to the probability AUD/USD will continue to fall inside this Falling Wedge.