Daily Forex Update: EUR/AUD
By: Dima Chernovolov
EUR/AUD continues to rise inside the clear 4-hour Rising Wedge chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 5-bar level – which is the result of the slow Initial Trend (1 bar), average Uniformity (5 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 key support area shown below.
As can be seen from the daily EUR/AUD chart below, the bottom of this chart pattern formed when the pair reversed up from the support area lying between the key support level 1.5600 and the lower daily Bollinger Band. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Morning Star. The proximity of this support area increases the probability EUR/AUD will continue to rise inside this chart pattern.
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