Daily Forex Update: EUR/AUD
By: Dima Chernovolov
EUR/AUD continues to fall inside the 4-hour Down Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Down Channel at the 4-bar level – which is the result of the slow Initial Trend (one bar), below-average Uniformity (3 bars) and strong Clarity (8 bars). EUR/AUD is expected to fall further inside this Down Channel – in line with the earlier breakout of the support area shown below.
As can be seen from the daily EUR/AUD chart below, the price earlier broke through the support area located between the key support level 1.5330 (which reversed the price earlier this month) and the support trendline of the daily up channel from September. This price area is acting as resistance zone after it was broken. The proximity of this resistance area increases the probability EUR/AUD will continue to fall inside this Down Channel.
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