Trade of the Day: EUR/AUD

EUR/AUD falling inside the 30-minute Down Channel chart pattern, which was recently identified by Autochartist. The chart pattern indicates possible bearish price movement toward the target level 1.6482. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry at 1.6530 with the protective stop-loss at 1.6530.

As can be seen from the daily EUR/AUD chart below – the pair earlier reversed down from the key resistance level 1.6800 (upper border of the sideways price range inside which the pair has been moving from September). The pair is likely to fall toward the lower boundary of this sideways price range, which coincides with the target level 1.6482 – increasing the likelihood it will soon be reached.