Daily Forex Update: AUD/USD

By: Dima Chernovolov

AUD/USD continues to fall after the earlier breakout of the Up Channel chart pattern which was earlier identified by Autochartist on the 4-hour charts. Autochartist rates the Quality of this chart pattern at the 8 bar level – which reflects the sharp Initial Trend (10 bars), lower Uniformity (3 bars) and above-average Clarity (7 bars). Autochartist rates the strength of this breakout at the maximum, 10-bar level. AUD/USD is expected to fall the forecast price 0.7560.

 

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As can be seen from the chart below, the forecast price calculated for the breakout of this Up Channel (0.7560) stands within a few pips’ distance from the Key Support Level 0.7552 (of the type Approach) – which was also earlier identified by Autochartist on the 4-hour charts. Two chart patterns aligned in one direction heighten the probability AUD/USD will continue to fall tomorrow.

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