By: Dima Chernovolov
GBP/AUD continues to rise inside the clear daily Rising Wedge chart pattern which was recently identified by Autochartist. Autochartist rates the quality of daily this Rising Wedge at the 6-bar level – which is the result of the slow Initial Trend (2 bars), above-average Uniformity (6 bars) and strong Clarity (8 bars). GBP/AUD is expected to rise further inside this chart pattern – in line with the earlier upward reversal from the key support area shown below.
As can be seen from the daily GBP/AUD below, the price earlier reversed up from the support area lying between the support level 1.8100, lower daily Bollinger Band and the support trendline of the wide daily up channel from December. The proximity of this support area increases the probability GBP/AUD will continue to rise inside this Rising Wedge.