Trade of the Day: EUR/AUD
By: Dima Chernovolov
EUR/AUD continues to fall inside the 15-minute Flag chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Flag at the high 8-bar level – which is the result of the sharp Initial Trend (9 bars), below-average Uniformity (4 bars) and strong Clarity (9 bars). EUR/AUD is expected to fall further inside this Flag.
As can be seen from the weekly EUR/AUD chart below – the pair earlier reversed down from the resistance zone located between the key resistance level 1.61670 (which has been reversing the pair from September of 2021) and the upper weekly and daily Bollinger Bands. The proximity of this resistance area adds to the probability EUR/AUD will continue to fall inside this Flag.