Trade of the Day: AUD/USD
AUD/USD falling inside the 30-minute down channel chart pattern, which was recently identified by Autochartist. This chart pattern indicates possible bearish price movement toward the target level 0.6513. The following are the optimal entry and stop-loss levels calculated by Autochartist: entry at 0.6550 with the protective stop-loss at 0.6580.
As can be seen from the daily AUD/USD chart below – the pair earlier reversed down from the resistance level 0.6675 (which stopped the pair at the end of November) standing near the upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous downward impulse from July. Given the proximity of the resistance level 0.6675, AUD/USD can be expected fall further toward the target level 0.6515.
