Daily Forex Update: EUR/AUD

By: Dima Chernovolov

EUR/AUD continues to fall inside the Clear Up Channel, which was previously identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 6-bar level – which is the result of the above-average Initial Trend (6 bars), lower Uniformity (4 bars) and near-maximum Clarity (9 bars). Higher Clarity reflects the sharpness of the price impulses between the upper and lower trendlines of this Up Channel. EUR/AUD is likely to fall further inside this chart pattern.

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The top of this Up Channel formed when EUR/AUD reversed down with the weekly Japanese candlesticks reversal pattern Falling Star (highlighted below) from the resistance zone lying between the resistance level 1.5000 and the 50% Fibonacci correction of the previous sharp downward impulse 1 from May. The proximity of this resistance zone adds to the probability EUR/AUD will continue to fall inside this Up Channel.

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