AUD/USD recently broke the daily Falling Wedge chart pattern that was earlier identified by Autochartist– as can be seen from the following trade opportunity alert for this pair. AUD/USD is set to rise to the target level 0.9236 in the next 5 trading days. Autochartist set the stop-level for this forecast at 0.8675 (point A). This point formed previously, when AUD/USD reversed sharply up from the support area lying between the support level 0.8700, weekly lower Bollinger Band and 50% Fibonacci Correction of the weekly upward impulse from February of 2009 (as you can see on the second chart below). AUD/USD has to break above the resistance level 0.9060 to reach target level 0.9236.
The following daily AUD/USD chart shows the support levels mentioned above: