AUD/USD continues to advance inside the highly Uniform Triangle chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is measured at the 5 bar level as a result of the below average Initial Trend (4 bars), substantial Uniformity (8 bars) and lower Clarity (2 bars). This chart pattern continues the predominant uptrend that can be seen on the daily, weekly and the monthly AUD/USD charts. High Uniformity of this chart pattern reflects the even distribution of the reversal points which formed the upper and the lower trendlines of this Triangle.
The bottom of this Triangle (point C on the chart below) formed when the pair reversed up from the former strong resistance and now support at the round price level 0.9400, running close to the 50% Fibonacci Retracement of the preceding longer-term upward price impulse (as is shown on the second chart below). The price has recently reversed up (at point D) from the support at 0.9700 standing close to the former ABC correction (lying between the A and C points of this Triangle, labeled in blue on the second chart below) resistance trendline, acting as support after having recently been broken by the C to B upward sub-wave of this Triangle. The pair is expected to rise further in the direction of the upper resistance trendline of this Triangle in the coming sessions.
The following longer-term daily AUD/USD chart displays the technical price levels mentioned above:
For further information on this and other Autochartist products visit www.autochartist.com