By: Dima Chernovolov
EUR/AUD recently broke the hourly Ascending Triangle chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 8-bar level – which is the result of the slow Initial Trend (3 bars), above-average Uniformity (6 bars) and high Clarity (9 bars). EUR/AUD is expected to rise toward the forecast price 1.5456 – in line with the earlier upward reversal from the strong support zone shown below.
As can be seen from the weekly EUR/AUD chart below, the pair earlier reversed up from the strong support area lying between the long-term support level 1.5260 (which reversed the price multiple times at the start of the year), lower weekly Bollinger Band and the 50% Fibonacci correction of the previous weekly impulse from July of 2017. The proximity of this support area increases the probability EUR/AUD will continue to rise toward the forecast price 1.5456.
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