By: Dima Chernovolov
GBP/AUD has been rising in the last few trading sessions inside the clear Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (2 bars), below-average Uniformity (4 bars) and near-maximum Clarity (9 bars). GBP/AUD is expected to rise further inside this Up Channel – in line with the earlier breakout of the strong resistance level shown below.
As can be seen from the daily GBP/AUD chart below, the price earlier broke through the strong resistance level 1.7360 (monthly high from October) – which accelerated the active intermediate impulse wave from last month. The price level 1.7360 is acting as support after it was broken. The proximity of this support level and the accelerating daily Momentum increase the probability GBP/AUD will continue to rise inside this Up Channel.
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