AUD/USD has just completed the long-term Rising Wedge chart pattern. The Quality of this chart pattern is rated at the 6 bar level which is the result of the following values of the quality indicators that affect its value: Initial Trend (2 bars), Clarity (9 bars) and Uniformity (9 bars). High value of the Clarity and the Uniformity indicators describes a very well formed chart pattern that has been developing smoothly in accordance with the major uptrend visible on the daily charts. The price has recently reversed down from the resistance level close to the previous high at 1.0180 which coupled with bearish divergence on the trending indicators signaled the weakening of the uptrend. The pair has just broken through the lower support line of this chart pattern with the Breakout whose strength is measured at the 4 bar level. The price is expected to fall toward the Forecast area set between the price levels 0.8837 and 0.9426.

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The lower time frame 15-minute AUD/USD chart shows the completed Triangle chart pattern identified by Autochartist. The price has just reached the bottom of the Forecast zone (0.983) calculated for the completion of this chart pattern.

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Selling at this level would require placing the stop-loss at up to 3 EPRs (Expected Price Range) above the entry. As you can see below, one EPR for the 15-minute AUD/USD chart is equal to 14 pips.

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