By: Dima Chernovolov
EUR/AUD continues to rise inside the clear Up Channel chart pattern which was previously identified by Autochartist on the 30-minute charts. Autochartist measures the quality of this Up Channel at the 4-bar level – which reflects the slow Initial Trend (3 bars), low Uniformity (2 bars) and substantial Clarity (8 bars). EUR/AUD is expected to rise further inside this Up Channel – continuing the sharp active upward impulse from the support area below.
As can be seen from the daily EUR/AUD chart below, this Up Channel is aligned with the active daily impulse wave which started earlier from the support zone located between the key support level 1.4450 (with reversed the price with the daily Morning Star in May), lower daily Bollinger Band, support trendline of the daily down channel from June and the 61.8% Fibonacci correction of the previous impulse from April. The strength of the active daily impulse wave increases the probability GBP/NZD will continue to rise inside this Up Channel.
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