Autochartist today identified the Key Resistance Level 1.0497 (of the type Approach) on the 4-hour AUD/USD charts. Autochartist rates the Significance of this Resistance at the 5 bar level – reflecting the fact that the pair reversed five times from this Key Level over the course of the last 246 candlesticks. The pair is expected to rise toward the Key Level 1.0497 in the nearest time – in line with the overriding uptrend that can be seen on the daily and the weekly AUD /USD charts. The bullish scenario for this currency pair is also confirmed by the PowerStats analysis shown on the next chart below.
As you can see from the following PowerStats chart, the upper boundary of the daily Expected Price Range calculated by Autochartist for AUD/USD for tomorrow (1.0508) nearly coincides with the Key Resistance Level shown above (1.0497) – which adds to the likelihood that this currency pair will continue upward movement in the nearest time.
For further information on this and other Autochartist products visit www.autochartist.com