Daily Forex Education And Update AUD USD For 12 Sep 2012
Todays Forex News is about AUD/USD. It continues to rise inside the well-formed Triangle chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is rated at the 5 bar level as a result of the low Initial Trend (measured at the 3 bar level) and strong Uniformity and Clarity (both measured at the 7 bar level). This chart pattern develops in line with the prevailing uptrend visible on the daily and the weekly AUD/USD charts. The pair has previously reversed up (at point D) from the 38,2% Fibonacci Retracement of the preceding upward price impulse of this Triangle (from C to B). AUD/USD is expected to rise further toward the upper resistance trendline of this chart pattern, as is also indicated by the PowerStats analysis shown below.
As can be seen from the following PowerStats chart for AUD/USD, the upper boundary of the daily Expected Price Range calculated by Autochartist (1.0510) stands very close to the upper resistance trendline of the above Triangle - which heightens the chances that this currency pair will continue to rise within this Triangle.
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