Daily Forex Update: EUR/AUD

By: Dima Chernovolov

EUR/AUD continues to rise inside the uniform Rising Wedge chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist measures the quality of this Rising Wedge at the 5-bar level – which is the result of the slow Initial Trend (4 bars), significant Uniformity (7 bars) and lower Clarity (3 bars). EUR/AUD is expected to rise further inside this chart pattern – in line with the earlier upward reversal from the support zone highlighted below.

As can be seen from the daily EUR/AUD chart below, the pair earlier reversed up from support zone lying between the support level 1.5500, upper trendline of the daily up channel from September (acting as support after it was broken recently) and the 38.2% Fibonacci correction of the previous upward price impulse from the start of the month. The proximity of this support area increases the probability EUR/AUD will continue to rise inside this Rising Wedge.

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