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 recently completed the daily Up Channel chart pattern identified by Autochartist on the daily charts – as you can see from the following trade opportunity alert for this currency pair. The pair is expected to fall to the target level 1.0205 in the next 2 trading days. Autochartist sets the stop-level for this decline at 1.05845 (point A on the chart below), which is the top of this Up Channel. This point nearly coincides with the major long-term resistance level 1.05800 which has been reversing all upward impulses of this currency pair from August of 2012 (as is shown on the second chart below). The proximity of this strong resistance level – coupled with the downward sloping moving average adds to the likelihood this currency pair will fall to the target level 1.0205 in 2 trading days.

The following daily AUD/USD chart shows the technical price levels mentioned above:

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