Trade of the Day: AUD/USD

By: Dima Chernovolov

AUD/USD continues to rise inside the 4-hour Rising Wedge chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 4-bar level – which is the result of the medium Initial Trend (5 bars) and lower Uniformity and Clarity (4 bars). AUD/USD is expected to rise further inside this Rising Wedge.

As can be seen from the daily AUD/USD chart below – the price earlier reversed up from the support zone lying between the key support level 0.7180 (former resistance from December) and the 50% Fibonacci correction of the sharp upward impulse wave from last month. The proximity of this support zone adds to the probability AUD/USD will continue to rise inside this Rising Wedge.