By: Dima Chernovolov
EUR/AUD continues to rise inside the high-quality hourly Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 9-bar level – which is the result of the sharp Initial Trend (10 bars), above-average Uniformity (6 bars) and maximum Clarity (10 bars). EUR/AUD is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the support zone shown below.
As can be seen from the daily EUR/AUD chart below, the price earlier reversed up from the support zone lying between the key support level 1.5780 (which reversed the pair with the daily Hammer in April), lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp upward impulse from January. The proximity of this support zone increases the probability EUR/AUD will continue to rise inside this Up Channel.
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