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 below-average Initial Trend (4 bars), higher Uniformity (6 bars) and strong Clarity (9 bars). EUR/AUD is expected to rise further inside this Rising Wedge.
As can be seen from the daily EUR/AUD chart below – the pair earlier reversed up from the support area lying between the pivotal support level 1.5300 (which has been reversing the price from June), lower daily Bollinger Band and the 38.2% Fibonacci correction of the sharp upward impulse from September. The proximity of support zone adds to the probability EUR/AUD will continue rise inside this Rising Wedge.