Daily Forex Update: AUD/USD

The AUD/USD is reaching resistance around the 0.8800 level, where prices have previously exhausted: prior highs on the daily chart include 0.8777, 0.8781, and 0.8795. Friday's session for the AUD/USD traded in a tight range, with near-term support between 0.8723 and 0.8725. The current exhaustion seen on this short-term 15-minute chart also coincides with the resistance identified by Autochartist's Forecast, plotting between 0.8758 and 0.8792 (F). This further confirms that selling pressure is building below 0.8800. This Autochartist Forecast is the target area from the Rising Wedge breakout that occurred when prices rallied higher through uptrend line resistance at 0.8707.