As can be seen from the following trade opportunity alert for AUD/USD, this currency pair recently reversed up from the lower support trendline of the Down Channel chart pattern identified by Autochartist on the hourly charts. The pair is set to rise further toward the target level 0.9826 in the next 2 trading days. Autochartist sets the stop level at 0.9593 (point A, the bottom of this Down Channel). This point formed recently when the pair corrected up from the support area close to the major round support level 0.9600, which coincides with the 50% Fibonacci Retracement of the previous weekly upward impulse from the middle of 2010 (as you can see on the second chart below). Expect the pair to break out of this Down Channel and to rise to the target level 0.9826 in 2 trading days.
AUD/USD - 1" title="AUD/USD - 1" width="600" height="361">
The following weekly AUD/USD chart shows the support levels mentioned above:
AUD/USD - 2" title="AUD/USD - 2" width="600" height="696">
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Daily Forex Update: AUD/USD
Published 05/24/2013, 07:16 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: AUD/USD
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Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
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