Daily Forex Update: EUR/AUD

By: Dima Chernovolov

EUR/AUD continues to rise in the direction of the Key Resistance level 1.4512 (of the type Approach), which was previously identified by Autochartist in the daily charts. Autochartist rates the Significance of this Key Level at the 3-bar level, which is the result of the three recent price reversals from this price level. 

As can be seen from the daily EUR/AUD chart below, the aforementioned Key Resistance level 1.4512 is also the upper boundary of the sideways price channel inside which the pair has been trading from October. The lower boundary of this price range stands at the powerful support level 1.4140 – which increases the probability the pair will continue to rise in the direction of the Key Resistance 1.4512 tomorrow.

As can be seen from the PowerStats chart below, the upper boundary of the daily Expected Price Range calculated for this pair (1.4500) nearly coincides with the Key Resistance level 1.4512 – which adds to the likelihood EUR/AUD will soon reach this Resistance level.

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