Daily Forex Update: EUR/AUD

By: Dima Chernovolov

EUR/AUD continues to rise inside the clear daily Up Channel chart pattern which was previously identified by Autochartist on the daily charts. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (2 bars), above-average Uniformity (6 bars) and strong Clarity (8 bars). EUR/AUD is expected to rise further inside this Up Channel in line with the earlier upward reversal from the support area shown below.

As can be seen from the daily EUR/AUD chart below, the price earlier reversed up from the support area lying between the key support level 1.5900 (which also reversed the pair in March), support trendline from January and the 50% Fibonacci correction of the upward impulse from March. The proximity of this support area increases the probability EUR/AUD will continue to rise inside this Up Channel.

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