Daily Forex Update: EUR/AUD
By: Dima Chernovolov
EUR/AUD recently broke the daily Falling Wedge which was recently identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 8-bar level – which is the result of the slow Initial Trend (9 bars), strong Uniformity (7 bars) and maximum Clarity (10 bars). EUR/AUD is expected to rise toward the forecast price 1.5975 – in line with the earlier upward reversal from the key support area shown below.
As can be seen from the weekly EUR/AUD chart below, the bottom of this Falling Wedge formed inside the major support area lying between the powerful support level 1.5400 (which reversed the weekly downward correction in the middle of 2018) and the lower weekly Bollinger Band. The proximity of this support area and the strength of this breakout (rated by Autochartist at the10 bar level) increase the probability EUR/AUD will continue rise toward the forecast price 1.5975.
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