By: Dima Chernovolov
EUR/AUD continues to rise after the earlier breakout of the Key Resistance Level 1.5563 which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the quality of this Resistance Level at the 4-bar level – which reflects the 4 previous price reversals from this price level. EUR/AUD expected to rise toward the forecast price 1.5679 – in line with the recent upward reversal from the strong support area shown below.
As can be seen from the daily EUR/AUD chart below, the pair earlier reversed up from the support zone lying between the major support level 1.5260 (which also reversed the price in January), lower weekly Bollinger Band and the 50% Fibonacci correction of the previous upward impulse from July of 2017. The proximity of this support zone increases the probability EUR/AUD will continue to rise toward the forecast price 1.5679.
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