AUD/USD has been steadily rising inside the daily Triangle chart pattern identified by Autochartist.
Autochartist rates the Quality of this Triangle at the 5 bar level which reflects the low Initial Trend (3 bars) and significant Uniformity and Clarity (both equal to 7 bars). This Triangle is developing in accordance with the predominant uptrend that can be seen on the daily and the weekly AUD/USD charts. The price had earlier corrected up (at D) from the 38,2% Fibonacci Correction of the previous upward price thrust of this Triangle (from C to B).
The pair is expected to rise in the direction of the upper resistance trendline of this chart pattern, as can also be seen from the PowerStats analysis below.
As you can see from the following PowerStats chart, the upper border of the daily Expected Price Range calculated by Autochartist for AUD/USD for tomorrow (1.0510) stands near the upper trendline of the Triangle shown above – which increases the probability that the price will continue to rise tomorrow.
