Daily Forex Update: AUD/USD
By: Dima Chernovolov
AUD/USD continues to rise inside the well-formed Up Channel chart pattern which was recently identified by Autochartist on the 15-minute charts. Autochartist rates the quality of this Up Channel at the 8-bar level – which reflects the strong Initial Trend (7 bars) and near-maximum Uniformity and significant Clarity (both rated at the 9 bar level). AUD/USD is expected to rise further inside this Up Channel – in line with the active daily impulse wave from the support area highlighted below.
As can be seen from the daily AUD/USD chart below, the price earlier reversed up from the support area located between the strong support level 0.7750 (former powerful resistance level from February and March), lower daily Bollinger Band and the 38.2% Fibonacci retracement of the previous upward impulse from May. The proximity of this support area increases the probability AUD/USD will continue to rise inside this Up Channel.
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