Trade of the Day: EUR/AUD

EUR/AUD continues to rise inside the 15-minute Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the slow Initial Trend (2 bars), above-average Uniformity (7 bars) and strong Clarity (9 bars). EUR/AUD is expected rise further inside this Up Channel.

As can be seen from the daily EUR/AUD chart below – the pair earlier reversed up from the support area located between the key support level 1.6520 (former strong resistance from May to July), the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from June. The proximity of this support area and the clear daily uptrend increase the probability EUR/AUD will continue to inside this Up Channel.