Trade of the Day: AUD/USD

By: Dima Chernovolov

AUD/USD continues to rise inside the hourly Up Channel chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the high 6-bar level – which is the result of the below-average Initial Trend and Uniformity (4 bars) and strong Clarity (8 bars). AUD/USD is expected to rise further inside this Up Channel.

As can be seen from the daily AUD/USD chart below – the pair earlier reversed up from the powerful support zone located between the long-term support level 0.7000 (which has been reversing the pair from 2020), and the lower weekly Bollinger Band. The proximity of this support zone adds to the probability AUD/USD will continue to rise inside this Up Channel.