By: Dima Chernovolov
AUD/USD recently broke the daily Up Channel chart pattern which was identified earlier by Autochartist. Autochartist rates the quality of this Up Channel at the 7-bar level – which is the result of the slow Initial Trend (2 bars), high Uniformity (9 bars) and strong Clarity (8 bars). AUD/USD is expected to fall further toward the forecast price 0.6872 – in line with the earlier downward reversal from the key resistance area shown below.
As can be seen from the daily AUD/USD, the price earlier reversed down from the key resistance area lying between the resistance level 0.7070, upper daily Bollinger Band, resistance trendline of the daily down channel from 2018 and the 200-day moving average. The proximity of this resistance area increases the probability AUD/USD will continue to fall toward the forecast price 0.6872.