By: Dima Chernovolov
AUD/USD recently broke the extended 4-hour Down Channel chart pattern with the length of 158 candles – which was previously identified by Autochartist. Autochartist rates the quality of this Down Channel at the 7-bar level – which is the result of the strong Initial Trend and Uniformity (8 bars) and maximum Clarity (10 bars). AUD/ USD is expected to rise toward the forecast price 0.7199.
As can be seen from the weekly AUD/USD chart below – the price earlier reversed up from the long-term support area located between the round support level 0.7000 (which has been reversing the price from the start of 2020), lower weekly Bollinger Band and the 38.2% Fibonacci correction of the uptrend from the start of last year. The proximity of this support area adds to the probability AUD/USD will continue to rise toward the forecast price 0.7199.