AUD/USD continues to rise inside the daily Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 4-bar level – which is the result of the slow Initial Trend (2 bars), low Uniformity (3 bars) and significant Clarity (7 bars). AUD/USD is expected to rise further inside this Rising Wedge.
As can be seen from the daily AUD/USD chart below – the pair earlier reversed up from the key support level 0.6870 (former monthly high from December). The proximity of this support level and the clear daily uptrend increase the probability AUD/USD will rise inside this Rising Wedge.