AUD/USD has recently completed the well-formed Triangle chart pattern identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 5 bar level as a result of the low Initial Trend (one bar) and substantial Uniformity and Clarity (both rated at the 8 bar level). The completion of this chart pattern continues the predominant uptrend visible on the weekly AUD/USD charts. Significant Uniformity and Clarity of this chart pattern reflect the well-formed Triangle with high visibility to the market participants. The pair is expected to rise further toward the Forecast Price 1.0543.
As can be seen form the following Key Levels chart, Autochartist has also recently identified the horizontal Key resistance Level 1.0381 (of the type Approach) on the daily AUD/USD charts. The pair is expected tor rise toward this level - which adds to the likelihood that the price will approach the Forecast Price calculated for the completion of the above Triangle (1.0543) in the nearest time.
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