Daily Forex Update: EUR/AUD

By: Dima Chernovolov

EUR/AUD continues to rise inside the 4-hour Rising Wedge chart pattern which was recently identified by Autochartist. Autochartist measures the quality of this Rising Wedge at the 6-bar level – which is the result of the slow Initial Trend (2 bars), significant Uniformity (7 bars) and strong Clarity (8 bars). EUR/AUD is expected to rise further inside this Rising Wedge – in line with the earlier upward reversal from the powerful support zone shown below.

As can be seen from the weekly EUR/AUD chart below, the bottom of this Rising Wedge formed near the support zone lying between the major support level 1.5200 (former multi-month resistance level from 2017) and the 50% Fibonacci correction of the weekly uptrend from the start of 2017. The proximity of this support zone increases the probability EUR/AUD will continue to rise inside this Rising Wedge.

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