Trade of the Day: EUR/AUD
By: Dima Chernovolov
EUR/AUD continues to fall inside the 15-minute Down Channel chart pattern, which was recently identified by Autochartist. Autochartist measures the quality of this Down Channel at the 5-bar level – which is the result of the slow Initial Trend (1 bar), medium Uniformity (5 bars) and significant Clarity (8 bars). EUR/AUD is expected to fall further inside this Down Channel.
As can be seen from the daily EUR/AUD chart below – the price earlier reversed down from the strong resistance area located between the resistance level 1.5265 (which has been reversing the pair from the start of March), upper daily Bollinger Band and the 50% Fibonacci correction of the sharp downard impulse from February. The proximity of this resistance area increases the probability EUR/AUD will continue to fall inside this Down Channel.