Trade of the Day: AUD/USD
By: Dima Chernovolov
AUD/USD recently broke the hourly Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 7-bar level – which is the result of the slow Initial Trend (2 bars), above average Uniformity (6 bars) and significant Clarity (7 bars). AUD/USD is expected to rise toward the forecast price 0.7290.
As can be seen from the daily AUD/USD chart below – the price earlier reversed up with the daily Piercing Line from the support area located between the key support level 0.7165 (which stopped the sharp downtrend in August) and the lower daily Bollinger Band. The proximity of this support area adds to the probability AUD/USD will continue to rise toward the forecast price 0.7290.