Trade of the Day: AUD/USD

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ChartViper Trade of the Day

AUD/USD continues to fall inside the 15-minute Down Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 5-bar level – which is the result of the slow Initial Trend (2 bars), below-average Uniformity (4 bars) and strong Clarity (8 bars). AUD/USD is expected to fall further inside this Down Channel.

As can be seen from the daily AUD/USD chart below – the pair earlier reversed down from the resistance level 0.6600 (former support from June and July, acting as the resistance after it was broken at the start of August). The proximity of this resistance level and the clear downtrend that can be seen on the daily and the weekly charts increase the probability AUD/USD will continue to fall inside this Down Channel

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