Daily Forex Update: EUR/AUD

By: Dima Chernovolov

EUR/AUD continues to rise in the direction of the Key Resistance level 1.4491 (of the type Approach), which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the Significance of this Resistance level at the 3-bar level – which reflects the three prior price reversals from this key level. EUR/AUD is expected to reach this resistance level 1.4491 in the nearest sessions. 

As can be seen from the daily EUR/AUD chart below, the price earlier reversed up sharply from the major support zone lying between the powerful support level 1.4140 (which has been reversing the pair from October) and the lower daily Bollinger Band. The proximity of this support zone and the bullish divergence on the daily Stochastic indicator heighten the probability EUR/AUD will continue to rise toward the forecast price 1.4491 tomorrow.

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