Autochartist has recently identified the high Clarity Down Channel chart pattern on the daily AUD/USD charts. The overall Quality of this chart pattern is measured at the 6 bar level, as a result of the low Initial Trend (rated at the 2 bar level), above-average Uniformity (6 bars) and maximum Clarity (10 bars). The bottom of this chart pattern (point D on the chart below) formed when the pair reversed up from the strong support area made out of the horizontal support level 1.0400, upward-sloping support trendline connecting the upward reversal points from the October and the November of 2011 as well as the 38,2% Fibonacci Retracement of the preceding upward price impulse from the November of 2011 (as is shown on the second chart below). The pair is expected to rise further in the nearest time.
The following daily AUD/USD chart shows the technical price levels mentioned above:
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