Daily Forex Update: EUR/AUD

By: Dima Chernovolov

EUR/AUD continues to rise inside the clear Up Channel chart pattern was previously identified by Autochartist on the 4-hour charts. Autochartist rates the Quality of this Up Channel at the 6 bar level – which is the result of the slow Initial Trend (2 bars), above-average Uniformity (6 bars) and maximum Clarity (10 bars). High Clarity reflects the sharpness of the price impulses inside this Up Channel. EUR/AUD is expected to continue to rise inside Up Channel.

As can be seen from the daily EUR/AUD chart below, the price earlier broke the powerful, multi-month resistance level 1.5080 (which also reversed the price in last September). This price level is acting as support now after it was broken. The strength of the active daily uptrend and the proximity of the aforementioned support level 1.5080 both increase the probability EUR/AUD will continue to rise inside this Up Channel.

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