Daily Forex Update: EUR/AUD

By: Dima Chernovolov

EUR/AUD continues to rise after the earlier breakout of the high-quality Down Channel chart pattern which was previously identified by Autochartist on the daily charts. Autochartist rates the Quality of this Down Channel at the 9 bar level – which is the result of the sharp Initial Trend (10 bars) and near-maximum Uniformity and Clarity (both measured at the 9 bar level). EUR/AUD is expected to rise to the forecast price 1.4219 in the coming trading sessions.

As can be seen from the weekly EUR/AUD chart below, the bottom of this Down Channel formed when the pair reversed up from the powerful support zone lying between the multi-year support level 1.3770 (which has been reversing the price from 2014) and the lower weekly Bollinger Band. The proximity of this support zone adds to the probability EUR/AUD will continue to rise toward the forecast price 1.4219 in the nearest time.

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