Daily Forex Update: EUR/AUD

By: Dima Chernovolov

Autochartist recently identified the Key Resistance level 1.4791 (of the type Approach) on the 4-hour EUR/AUD charts. The Significance of this Resistance level is measured by Autochartist at the 3-bar level – which is the result of the three recent price reversals from this price level (which can be seen from the chat below). EUR/AUD is likely to reach the Resistance level 1.4791 in the nearest time.

As is visible from the daily EUR/AUD chart below – the price earlier reversed up sharply from the major long-term support level 1.4500 (which has been steadily reversing the pair from December). The proximity of this support level increases the probability EUR/AUD will continue to rise toward the Resistance level 1.4791.

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