AUD/USD continues to rise after the recent completion of the high Quality Flag chart pattern identified by Autochartist on the hourly charts. Autochartist rates the overall Quality of this chart pattern at the 9 bar level as a result of the high values of all the contributing Quality indicators: maximum Initial Trend (measured at the 9 bar level) and substantial Uniformity and Clarity (both rated at the 9 bar level). This chart pattern continues the overriding uptrend visible on the daily and the weekly AUD/USD Charts. The high Initial Trend reflects the sharpness of the preceding upward price impulse (which acts as the flagpole of this Flag). The pair is expected to rise further in the direction of the Forecast Price 1.0755.
As can be seen from the following PowerStats chart, the top of the daily Expected Price Range for AUD/USD for tomorrow (1.0841) far exceeds the Forecast Price calculated for the completion of the above Flag (1.0755), which increases the probability that AUD/USD will rise further tomorrow.
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