AUD/USD is continuing to advance inside the Up Channel chart pattern identified by Autochartist on the hourly charts. The overall Quality of this chart pattern is measured at the 4 bar level as a result of the low Initial Trend (2 bars) and average Uniformity and Clarity (both rated at the 5 bar level). This chart pattern is continuing the prevailing uptrend that can be seen on the daily and the weekly AUD/USD charts. More specifically, this Up Channel continues the daily upward impulse which started when the previous sharp daily downward correction to the overriding uptrend was reversed by the strong support area set at the intersection of the two support levels - parity and the 38,2% Fibonacci Retracement of the preceding sharp weekly upward price impulse (as is shown on the second chart below). The pair is expected to rise further in the direction of the upper resistance trendline of this chart pattern.
The following weekly AUD/USD shows the technical price levels, mentioned above:
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