By: Dima Chernovolov
EUR/AUD continues to fall inside the daily Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 8-bar level – which is the result of the sharp Initial Trend (10 bars), average Uniformity (5 bars) and near-maximum Clarity (9 bars). EUR/AUD is expected fall further inside this Up Channel – in line with the earlier downward reversal from the key resistance area shown below.
As can be seen from the daily EUR/AUD chart below, the price earlier reversed down twice from the strong resistance area lying between the pivotal resistance level 1.6330 (which reversed the price with the daily Japanese candlesticks reversal pattern Evening Star earlier this month) and the upper daily Bollinger Band. The proximity of this resistance area and todays’ breakout of the support level 1.6130 increase the probability EUR/AUD will continue to fall inside this Up Channel.
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