Trade of the Day: AUD/USD

AUD/USD rising toward the hourly target resistance level 0.6363, which was identified by Autochartist at 10-23 18:00. The pattern indicates possible bullish price movement toward this resistance level in the next 3 days. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry at 0.6336 with the protective stop-loss placed at 0.6314.

As can be seen from the daily AUD/USD chart below – the pair earlier reversed up from the combined support zone located between the pivotal support level 0.62860 (which has been reversing the price from the start of October), lower daily Bollinger Band and the support trendline of the weekly down channel from last year. The proximity of this support area increases the probability AUD/USD will continue to rise toward the target resistance level 0.6363.