Daily Forex Update: EUR/AUD

By: Dima Chernovolov

EUR/AUD continues to fall after the earlier breakout of the Head and Shoulders chart pattern which was previously identified by Autochartist on the daily charts. Autochartist measures the Quality of this chart pattern at the 5 bar level – which reflects the below-average Initial Trend (4 bars), significant Uniformity (7 bars) and above-average Clarity (6 bars). The breakout of this chart pattern coincided with the breakout of the long-term support level 1.4400. EUR/AUD is expected to continue to fall toward the forecast price 1.4167.

As you can see from the PowerStats chart below, the lower boundary of the daily Expected Price Range calculated by Autochartist for this currency pair (1.4127) stands well below the forecast price calculated for the breakout of this chart pattern (1.4167) – which adds to the probability EUR/AUD will continue to fall tomorrow.

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