Daily Forex Update: AUD/USD

By: Dima Chernovolov

AUD/USD recently broke the well-formed Down Channel chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist measures the Quality of Down Channel at the 6 bar level – which is the result of the slow Initial Trend (3 bars) and near-maximum Uniformity and Clarity (both rated at the 9 bar level). AUD/USD is expected to rise to the forecast price 0.7617 in the nearest time.

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As can be seen from the daily AUD/USD chart below, the bottom of this Down Channel formed when the pair reversed up from the strong support zone located between the pivotal support level 0.7500 (former strong resistance from November and December), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp upward impulse from December. The proximity of this support zone adds to the probability AUD/USD will soon reach the forecast price 0.7617.

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