EUR/AUD continues to rise inside the daily Down Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 7-bar level – which is the result of the sharp Initial Trend (10 bars), medium Uniformity (5 bars) and higher Clarity (6 bars). EUR/AUD is expected to rise further inside this Down Channel.
As can be seen from the weekly EUR/AUD chart below – the pair earlier reversed up with the weekly Doji from the round support level 1.6000, intersecting with the weekly up channel from last year and the 50% Fibonacci correction of the upward impulse from January. The proximity of these support levels and the clear weekly uptrend add to the probability EUR/AUD will continue to rise inside this Down Channel.