Daily Forex Update: EUR/AUD

By: Dima Chernovolov

As can be seen from the following chart – Autochartist recently identified the breakout of the 4-hour resistance level 1.5162 (its length is equal to 122 candles). Autochartist rates the strength of this resistance level at the 3 bar level – which is the result of the three recent downward reversals from this price level. EUR/AUD is likely to rise further to the Forecast Price 1.5428, which is also confirmed by the Volatility Analysis show below.

As you can see from the following Volatility Analysis chart for EUR/AUD – all of the daily Expected Price Range calculated by Autochartist for this currency pair (from 1.5173 to 1.5547) stands well above the aforementioned resistance level 1.5162 – which adds to the probability the price will continue to rise toward the Forecast Price 1.5428 tomorrow.

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