Trade of the Day: AUD/USD

AUD/USD recently broke the 15-minute Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 6-bar level – which is the result of the slow Initial Trend (2 bars), strong Uniformity (8 bars) and above-average Clarity (5 bars). AUD/USD is expected to rise toward the forecast price 0.6474.

As can be seen from the weekly AUD/USD chart below – the pair earlier reversed up from the support area located between the support level 0.6400, lower weekly Bollinger Band and the support trendline of the weekly down channel from the start of this year. The proximity of this support area adds to the probability AUD/USD will continue to rise toward the forecast price 0.6474