Trade of the Day: EUR/AUD
By: Dima Chernovolov
EUR/AUD continues to rise inside the 15-minute Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 6-bar level – which is the result of the slow Initial Trend (3 bars), above-average Uniformity (7 bars) and near-maximum Clarity (9 bars). EUR/AUD is expected to rise further inside this chart pattern.
As can be seen from the weekly EUR/AUD chart below – the price earlier reversed up from the major support zone lying between the long-term support level 1.5355 (which stopped the previous weekly downtrend at the start of 2021) and the lower weekly Bollinger Band. The proximity of this support zone and the oversold weekly Stochastic increase the probability EUR/AUD will continue to rise inside this chart pattern.