Trade of the Day: EUR/AUD

By: Dima Chernovolov

EUR/AUD continues to rise toward the key resistance level 1.5756 which was previously identified by Autochartist on the daily charts. Autochartist rates the Significance of this resistance level at the 4-bar level – which is the result of the four previous price reversals from this price level. EUR/AUD is expected to continue to rise toward the resistance level 1.5756.

As can be seen from the daily EUR/AUD chart below – the price earlier reversed up from the key support zone located between the long-term support levels 1,5610 and the lower daily Bollinger band. The proximity of this support zone and the oversold daily Stochastic indicator increase the probability EUR/AUD will continue to rise toward the resistance level 1.5756.