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 continues to fall in accordance with the following trade opportunity alert that I received recently for this currency pair. Autochartist earlier identified the Up Channel chart pattern on the 4-hour AUD/USD charts. The pair is set to reach the target level 1.0261 (point A on the chart below, which is the last connecting point on which the lower support trendline of this Up Channel is based). At the time of the writing, the pair has already broken the lower support trendline of this Up Channel and is set to fall to the target level 1.0261 in the nearest time. The breakout of this support trendline also completed the clearly formed ABC correction to the preceding downward price impulse (marked in red on the second chart below), which earlier stopped (at B) at the resistance level 1.0380 standing close to the 50% Fibonacci Retracement of the earlier downward price impulse from the long-term resistance level 1.0570 (as you can see on the second chart below).
The following 4-hour AUD/USD chart shows the aforementioned technical price levels:
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