AUD/USD continues to advance inside the Clear Ascending Triangle chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is measured at the 6 bar level, which reflects the following values of the individual contributing Quality indicators: below-average Initial Trend (rated at the 4 bar level), above-average Uniformity (6 bars) and higher Clarity (7 bars). This chart pattern continues the prevailing uptrend that can be seen on the daily, weekly and the monthly AUD/USD charts. Both of the connecting points of the upper resistance trendline of this chart pattern (points A and B on the chart below) formed when the pair corrected down from the resistance area close to the round price level 1.0400. The price has recently reversed up (at point D) from the 38,2% Fibonacci Retracement of the previous C to B upward price impulse. The pair is expected to continue upward movement in the nearest time.
As can be seen from the following PowerStats chart, the top of the daily Expected Price Range for AUD/USD for tomorrow (1.0434) exceeds the aforementioned level of resistance 1.0400 - which increases the probability that this currency pair will continue to rise tomorrow.
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