Autochartist - Daily Forex Update: AUD/USD

As you can see from the following trade opportunity alert for AUD/USD, this currency pair is expected to rise to the target level 1.0286 in the next 2 days. This forecast is based on the Flag chart pattern identified earlier by Autochartist on the daily AUD/USD charts. The target level for this forecast (point B on the chart below) corresponds to the last downward price reversal point of the upper resistance trendline of this Flag. The stop-level 1.0204 stands parallel to the bottom of this chart pattern (point A) - which formed recently when the pair corrected up from the strong support area made out of the round price level 1.0200, the lower weekly Bollinger Band as well the longer-term support trendline from the middle of 2010.

The following weekly AUD/USD chart shows the longer-term picture of this pair's movement:

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