Autochartist Forecast
AUD/USD Intraday Pullbacks within Daily Uptrend
The AUD/USD has been pulling back across intraday time frames ranging from the 15, 30, 60 and 240 minute charts. These corrections are important to watch as the daily time frame is still holding onto an uptrending cycle. It is trading within the shape of a Continuation Rising Wedge chart pattern.
The wedge chart pattern alert however has some tell-tale signs that the pullback may not be over. It could begin to test the uptrend support line. First notice that the Initial Trend is low, indicating that the trend is slowing. The other signs are the resistance at 0.8550, as well as that prices are not making it up to the green resistance line at the top of the pattern.
The set up on the daily chart should still be played with the current trend. This means a visit to the uptrend blue support line would trigger a swing buy unless prices break that level and trigger a reversal. The uptrend support line is currently at 0.8035 and would also have the support of the major psychological level below at 0.8000.
Another way to play the AUD/USD would be to focus on intraday set ups like down channels and falling wedges. These chart patterns would be short swing plays off resistance or short plays as prices break pattern support. Just be sure to remember the daily chart support. Also keep in mind that currently the AUD/USD has pulled back to support at 0.8200 to 0.8180 and this area will offer buying support. The bounces could rally prices to swing intraday short triggers.
For further information on this and other chart patterns, visit http://www.autochartist.com
The wedge chart pattern alert however has some tell-tale signs that the pullback may not be over. It could begin to test the uptrend support line. First notice that the Initial Trend is low, indicating that the trend is slowing. The other signs are the resistance at 0.8550, as well as that prices are not making it up to the green resistance line at the top of the pattern.
The set up on the daily chart should still be played with the current trend. This means a visit to the uptrend blue support line would trigger a swing buy unless prices break that level and trigger a reversal. The uptrend support line is currently at 0.8035 and would also have the support of the major psychological level below at 0.8000.
Another way to play the AUD/USD would be to focus on intraday set ups like down channels and falling wedges. These chart patterns would be short swing plays off resistance or short plays as prices break pattern support. Just be sure to remember the daily chart support. Also keep in mind that currently the AUD/USD has pulled back to support at 0.8200 to 0.8180 and this area will offer buying support. The bounces could rally prices to swing intraday short triggers.
For further information on this and other chart patterns, visit http://www.autochartist.com
12 August | 
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