By: Dima Chernovolov
EUR/AUD continues to rise inside the clear 240-minute Falling Wedge chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 5-bar level – which is the result of the slow Initial Trend (4 bars), lower Uniformity (3 bars) and strong Clarity (8 bars). EUR/AUD is expected to rise further inside this chart pattern – in line with the earlier upward reversal from the support area shown below.
As can be seen from the daily EUR/AUD chart below, the bottom of this Falling Wedge formed when the pair reversed up from the support area lying between the key round support level 1.6000, lower daily Bollinger Band and the 50% Fibonacci correction of the pervious sharp upward impulse from August. The proximity of this support area increases the probability EUR/AUD will continue to rise inside this Falling Wedge
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