Daily Forex Update: EUR/AUD
By: Dima Chernovolov
EUR/AUD continues to rise inside the clear daily Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (one bar), significant Uniformity (7 bars) and higher Clarity (8 bars). EUR/AUD is expected rise further inside this Up Channel – 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 price recently reversed up from the support area lying between the key support level 1.6180 (former major resistance, which stopped the sharp uptrend in March) and the 38.2% Fibonacci correction of the previous upward impulse from August. The proximity of this support area and the strength of the active daily uptrend increase the probability EUR/AUD will continue to rise inside this Up Channel.
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