Trade of the Day: AUD/USD

AUD/USD falling inside the 30-minute down channel, which was recently identified by Autochartist. This chart pattern indicates possible bearish price movement toward the target level 0.6812. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry 0.6839 with the protective stop-loss at 0.6865.

As can be seen from the weekly AUD/USD chart below – the pair earlier reversed down from the strong resistance level 0.6875 (which reversed the price in June and July), standing above the upper weekly Bollinger Band. Given the proximity of the resistance level and the overbought weekly Stochastic, AUD/USD can be expected to fall to the target level 0.6812.