By: Dima Chernovolov
EUR/AUD continues to rise inside the 15-minute Rising Wedge chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 7-bar level – which is the result of the significant Initial Trend and Uniformity (7 bars) and higher clarity (8 bars). EUR/AUD is expected to rise further inside this Rising Wedge.
As can be seen from the daily EUR/AUD chart below – the pair earlier reversed up from the support area located between the support level 1.5935 (previous resistance from the start of July) and the 38.2% Fibonacci correction of the previous upward impulse. This price area is acting as the support area after it was broken. The proximity of this support zone adds to the probability EUR/AUD will continue rise inside this Rising Wedge.