AUD/USD has just completed the uniform Rising Wedge chart pattern identified by Autochartist on the daily charts. The Quality of this chart pattern is measured at the below average 4 bar level as a result of the low Initial Trend and Clarity (rated at the 2 bar and the 3 bar level respectively) and significant Uniformity (7 bars). This chart pattern is continuing the prevailing uptrend visible on the daily, weekly and the monthly charts.
The bottom of this chart pattern (Point C on the chart below) formed at the combined support made out of the round price level 1.0400 and 50% Fibonacci Retracement of the sharp preceding upward impulse. Point A formed when the price retraced down from the resistance trendline of the preceding correction to the aforementioned upward impulse (as is shown on the second chart below). Point D formed when the price reversed up from the same trendline to the previous correction (now acting as support after it has been broken by the fist upward impulse of this chart pattern - from C to B. The price has recently broken through the upper resistance trendline and is expected to continue rising toward the Forecast Area set between price levels 1.0974 and 1.1070. Previous high at 1.1012 (from May 2) should be penetrated for the upward trend to continue.
The following daily AUD/USD chart demonstrates aforementioned technical price levels.
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