By: Dima Chernovolov
I recently subscribed to Autochartist’s latest e-mail feature and received this trade opportunity alert this morning. Autochartist’s latest feature provides traders with a quick morning technical outlook of the markets.
AUD/USD has recently reversed sharply up from the lower support trendline of the 4-hour Down Channel identified by Autochartist – as you can see on the following trade opportunity alert for this currency pair. The pair is expected to rise to the target level 0.9793 in the next 3 trading days. Autochartist set the stop level for this forecast at the bottom of this Down Channel at 0.9325 (point A). This point was formed earlier when the AUD/USD corrected up from the support zone surrounding the major support level 0.9360 (which had previously reversed the pair sharply up in November of 2011, having earlier served as the major resistance barrier for the pair from the end of 2009 to the middle of 2010, as you can see on the second chart below). The upward-sloping moving average confirms this forecast.
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