Trade of the Day: AUD/USD

AUD/USD continues to rise inside the 4-hour Falling Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 6-bar level – which is the result of the above-average Initial Trend (6 bars), strong Uniformity (8 bars) and average Clarity (5 bars). AUD/USD is expected to rise further inside this Falling Wedge.

As can be seen from the daily AUD/USD chart below – the pair earlier reversed up from the support area located between the key support level 0.6875 (former monthly high from December), lower daily Bollinger Band and the 38.2% Fibonacci correction of the sharp upward impulse from November. The proximity of this support area and the clear daily uptrend increase the probability AUD/USD will continue to rise inside this Falling Wedge.