Daily Forex Update: EUR/AUD

By: Dima Chernovolov

EUR/AUD continues to rise inside the 15-minute Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the slow Initial Trend (one bar), significant Uniformity (7 bars) and maximum Clarity (10 bars). EUR/AUD is expected to rise further inside this Up Channel – in line with the earlier breakout of the resistance zone shown below.

As can be seen from the daily EUR/AUD chart below, the price earlier broke through the resistance zone lying between the strong resistance level 1.5500 (which also reversed the price in the middle of December) and the 61.8% Fibonacci correction of the downward correction 2 from November.  This price zone is acting as support area after it was broken. The proximity of this support area increases the probability EUR/AUD will continue to rise inside this Up Channel.

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