Daily Forex Update: EUR/AUD
By: Dima Chernovolov
EUR/AUD continues to fall inside the hourly Falling Wedge chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 3-bar level – which is the result of the slow Initial Trend (1 bar), below-average Uniformity (4 bars) and medium Clarity (5 bars). EUR/AUD is expected to fall further inside this Falling Wedge – in line with the earlier downward reversal from the strong resistance area shown below.
As can be seen from the daily EUR/AUD chart below, the this Falling Wedge is aligned with the active daily impulse wave from the major resistance area located between the key resistance level 1.6330 (which has been reversing the pair from last month) and the upper daily Bollinger Band. The proximity of this resistance zone increases the probability EUR/AUD will continue to fall inside this chart pattern.
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