AUD/USD has recently completed the Down Channel 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 following values of the individual contributing Quality indicators: above-average Initial Trend (rated at the 6 bar level), average Uniformity (5 bars) and high Clarity (8 bars). This chart pattern is continuing the prevailing uptrend that can be seen on the daily, weekly and the monthly AUD/USD charts.
The bottom of this Down Channel (point D on the chart below) marks the end of the clear-cut ABC correction (enclosed by this chart pattern) to the preceding shard daily upward price impulse. The sub-wave C of this ABC correction ended (at point D) when the pair reversed sharply up from the combined support area made out of the following support levels: the previous strong resistance and now support at 0.9400, 50% Fibonacci Correction of the previous sharp daily upward impulse, and the lower support trendline of this Down Channel. The sharp reversal from point D broke though the resistance at the parity (which formed the C point of this chart pattern) and then through the upper resistance trendline of this Down Channel. The pair is expected to rise further in the direction of the Forecast Area set between price levels 1.0626 and 1.1020.
The following weekly AUD/USD chart shows the technical price levels mentioned above:
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