Daily Forex Update: EUR/AUD

By: Dima Chernovolov

EUR/AUD recently reversed up from the support trendline of the daily Down Channel chart pattern which was previously identified by Autochartist. Autochartist rates the Quality of this chart pattern at near-maximum 9 bar level – which reflects the sharp Initial Trend (10 bars), significant Uniformity (7 bars) and substantial Clarity (9 bars). EUR/AUD is expected to rise toward the upper resistance trendline of this Down Channel.

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As you can see from the weekly EUR/AUD chart below, the bottom of this Down Channel formed when the price reversed up from the strong support area located between the major support level 1.3750 (which has been repeatedly reversing this pair from the end of 2014) and the lower weekly Bollinger Band. The proximity of this support area increases the probability EUR/AUD will continue to rise inside this Down Channel in the coming trading sessions.

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