Daily Forex Update: AUD/HKD
AutoChartist | Feb 02, 2012 06:50AM ET
AUD/HKD has recently completed the high Quality Inverse Head and Shoulder chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is rated at the 8 bar level as a result of the maximum Initial Trend (rated at the 10 bar level), below-average Uniformity (4 bars) and high Clarity (9 bars). This chart pattern continues the long-term predominant uptrend visible on the daily, weekly and the monthly AUD/HKD charts. This chart pattern reverses the previous short term downward correction from the resistance area close to the round price level 8.3000. The pair has recently broken up through the upper, “neckline” resistance trendline of this chart pattern (and through the aforementioned resistance level 8.3000) with the breakout whose strength is measured at the highest 10 bar level. The pair is expected to rise further in the direction of the Forecast Price 8.3760.
As can be seen from the following PowerStats chart for AUD/HKD, the upper boundary of the daily Expected Price Range for tomorrow (8.4233) stands well above the Forecast Price calculated for the completion of the above Inverse Head and Shoulder (8.3760), which increases the probability that this currency pair will continue to rise tomorrow.
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