Trade of the Day: EUR/AUD

EUR/AUD rising toward the key resistance level 1.6464, which was identified by Autochartist. This chart pattern indicates possible bullish price movement. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry at 1.6341 with the protective stop-loss at 1.6289.

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 1.6300 (which has been reversing the price from July) standing near the lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from June. Given the proximity of the support level 1.6300 and the bullish divergence on the daily Stochastic, EUR/AUD can be expected to rise further toward the target level 1.6464.