Daily Forex Update: EUR/AUD
By: Dima Chernovolov
EUR/AUD recently broke the Clear Falling Wedge chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the Quality of this Triangle at the 7 bar level – which reflects the slow Initial Trend (3 bars), significant Uniformity (7 bars) and near-maximum Clarity (9 bars). Autochartist measures the strength of this breakout at the highest, 10-bar level – which adds to the probability the pair will continue to rise toward the forecast price 1.0216 in coming trading sessions.
As can be seen from the daily chart below, breakout of this Falling Wedge coincided with the breakout of the smaller-scale Down Channel, which was also identified by Autochartist on the 4-hour charts. Two different-type chart pattern breakouts (with close standing forecast prices – 1.3907 and 1.3913) heighten the likelihood EUR/AUD will continue to rise in the nearest time.
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