GBP/AUD continues to rise inside the clear 30-minute Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 4-bar level – which is the result of the slow Initial Trend and Uniformity (both rated at one bar level) and strong Clarity (7 bars). GBP/AUD is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the key support area shown below.
As can be seen from the daily GBP/AUD chart below, price earlier reversed up from the combined support area lying between the key support level 1.7960 (former resistance from December and February), lower daily Bollinger® Band and the 38.2% Fibonacci correction of the upward impulse from January. The proximity of support area increases the probability GBP/AUD will continue to rise inside this Up Channel.
