AUD/USD has just completed the high Quality Triangle chart pattern on the daily charts. The Quality of this chart pattern is rated at the 7 bar level as result of the low Initial Trend (measured at the 2 bar level), high Uniformity (8 bars) and near-maximum Clarity (9 bars). This chat pattern has developed inside the prevailing uptrend visible on all the long-term charts - daily, weekly and monthly. The low Initial Trend corresponds to the range-bound price market that developed as the price made repeated attempts to move below the 50% Fibonacci Correction of the preceding sharp upward impulse. The first connecting point for the lower support line formed very close to this retracement level. The second and the latest third connecting point for the lower support line of this chart pattern formed at the 38,2% Fibonacci Retracement of the preceding upward impulse, mentioned above. The price has just broken the upper resistance trend line of this chart pattern with the Breakout whose strength is measured at the maximum 10 bar level. The price is expected to rise toward the Forecast Zone set between price levels 1.0285 and 1.0439.
The daily AUD/USD chart also shows the Rising Wedge chart pattern identified by Autochartist which is also developing in accordance with the major uptrend. As can be seen from this chart - the lower boundary of the Forecast Zone for the upper Triangle (1.0285) is located above the former high at 1.0250. This resistance level should be broken for the uptrend to continue.
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