Daily Forex Update: EUR/AUD

By: Dima Chernovolov

EUR/AUD continues to fall inside the daily Down Channel chart pattern which was previously identified by Autochartist. Autochartist measures the Quality of this Down Channel at the 4 bar level – which is the result of the slow Initial Trend (2 bars), medium Uniformity (5 bars) and above-average Clarity (6 bars). EUR/AUD is expected to continue to fall inside this Down Channel – in line with the strong downward trend visible on the daily charts.

As can be seen from the daily EUR/AUD chart below, the price earlier reversed down from the resistance zone lying between the resistance level 1.4280 (which also reversed the price in January), upper daily Bollinger Band and the 61.8% Fibonacci correction of the sharp downward impulse from December. The proximity of this resistance zone increases the probability EUR/AUD will continue to fall inside this Down Channel

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