AUD/USD continues to rise inside the well-formed Up Channel chart pattern which was recently identified by Autochartist on the 15-minute charts. Autochartist rates the quality of this Up Channel at the 8-bar level – which reflects the strong Initial Trend (7 bars) and near-maximum Uniformity and significant Clarity (both rated at the 9 bar level). AUD/USD is expected to rise further inside this Up Channel – in line with the active daily impulse wave from the support area highlighted below.
As can be seen from the daily AUD/USD chart below, the price earlier reversed up from the support area located between the strong support level 0.7750 (former powerful resistance level from February and March), lower daily Bollinger® Band and the 38.2% Fibonacci retracement of the previous upward impulse from May. The proximity of this support area increases the probability AUD/USD will continue to rise inside this Up Channel.
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