Trade of the Day: AUD/USD

AUD/USD recently broke the 30-minute Inverse Head and Shoulders chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Head and Shoulders at the 8-bar level – which is the result of the sharp Initial Trend (9 bars), low Uniformity (3 bars) and higher Clarity (6 bars). AUD/USD is expected to rise toward the forecast price 0.6347.

As can be seen from the weekly AUD/USD chart below – the pair earlier reversed up from the support zone located between the strong support level 0.6300 (which reversed the pair at the end of 2022) standing near with the lower weekly Bollinger Band and the support trendline of the wide down channel from the start of this year. The proximity of this support zone and the oversold weekly Stochastic increase the probability AUD/USD will continue rise toward the forecast price 0.6347.