By: Dima Chernovolov
EUR/AUD continues rise inside the daily Triangle chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the sharp Initial Trend (7 bars), average Uniformity (5 bars) and substantial Clarity (7 bars). EUR/AUD expected to rise further inside this Triangle – in line with earlier previous upward reversal from the key support area shown below.
As can be seen from the daily EUR/AUD chart below, the pair recently reversed up from the combined support area lying between the key support level 1.5600, lower daily Bollinger Band, 200-day moving average and the 50% Fibonacci correction of the previous sharp upward impulse from June. The proximity of this support area increases the probability EUR/AUD will continue to rise inside this Up Channel.
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