AUD/USD is moving inside the Triangle chart pattern identified by Autochartist on the daily charts. The Quality of this Triangle is measured at the 5 bar level, as a result of the low Initial Trend (4 bars) and average Uniformity and Clarity of this chart pattern (both rated at the 5 bar level). The price has recently reversed down from the upper resistance line of this chart pattern that also coincides with the strong resistance level 1.0200. This reversal is the third unsuccessful attempt of the price to penetrate this level. With the strong bearish divergence on the weekly trending indicators, further losses toward the lower support line of this Triangle are likely.
As can be seen form the PowerStats chart below, the top of the daily Expected Price Range (EPR) for AUD/USD (1.0126) lies well below the upper resistance line of this Triangle, while the lower boundary of the EPR (0.9887) stands below the lower support line. This increases the chances that the downward movement will continue tomorrow.
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