Autochartist - Daily Forex Update: AUD/USD

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By Dima Chernovolov | February 14, 2013 7:04 AM EST

Autochartist

As can be seen from the following trade opportunity alert that I received today, AUD/USD is expected to rise to the target level 1.0378 in 23 hours - as a result of the recent breakout of the 4-hour Falling Wedge chart pattern identified by Autochartist. The stop level for this advance is set at 1.0225 (point A below, which is the bottom of the aforementioned Falling Wedge). This point formed when the pair reversed up from the strong support area lying at the intersection of the round price level 1.0200, the 38,2% Fibonacci Retracement of the previous weekly upward price impulse from June of 2012 as well as the lower weekly Bollinger Band. The upward sloping moving average confirms that the pair will rise to 1.0378 in the next 23 hours.

 

The following weekly AUD/USD chart shows the technical support levels mentioned above:

 

 

 

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