Trade of the Day: EUR/AUD

By: Dima Chernovolov

EUR/AUD recently broke the key resistance level 1.4863, which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the high 7 bar level – which is the result of the seven previous price reversals from this price level. EUR/AUD is expected to continue to rise toward the forecast price 1.4969.

As can be seen from the daily EUR/AUD chart below – the price earlier reversed up with the daily Bullish Engulfing from the support area located between the pivotal support 1.4620 and the 61.8% Fibonacci correction of the upward impulse from April. The proximity of this support area increases the probability EUR/AUD will continue to rise toward the forecast price 1.4969.