Daily Forex Update: AUD/USD

By: Dima Chernovolov

AUD/USD recently broke the resistance trendline of the Ascending Triangle chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist measures the overall Quality of this chart pattern at the 5 bar level – which is the result of the slow Initial Trend (2 bars), above-average Uniformity (6 bars) and near-maximum Clarity (9 bars). AUD/USD is expected to reach the forecast price 0.7737 in the nearest time.

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As can be seen from the PowerStats chart below, the upper border of the daily Expected Price Range calculated by Autochartist for this currency pair (0.7784) stands well above the forecast price calculated for the breakout of this Ascending Triangle (0.7737) – which adds to the probability AUD/USD will soon reach this target level.

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