Trade of the Day: AUD/USD
By: Dima Chernovolov
AUD/USD continues to rise inside the 30-minute Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 7-bar level – which is the result of the slow Initial Trend (2 bars), strong Uniformity (8 bars) and significant Clarity (7 bars). AUD/USD is expected to rise further inside this chart pattern.
As can be seen from the daily AUD/USD chart below – the price earlier broke the resistance zone set between the resistance level 0.7115 and the 61.8% Fibonacci correction of the downward impulse from the start of May. This price area is acting as the support zone after it was broken. The proximity of this support zone increases the probability AUD/USD will continue to rise inside Rising Wedge.