By: Dima Chernovolov
EUR/AUD continues to rise after the earlier breakout of the high-quality Down Channel chart pattern which was previously identified by Autochartist on the daily charts. Autochartist rates the Quality of this Down Channel at the 9 bar level – which is the result of the sharp Initial Trend (10 bars) and near-maximum Uniformity and Clarity (both measured at the 9 bar level). EUR/AUD is expected to rise to the forecast price 1.4219 in the coming trading sessions.
As can be seen from the weekly EUR/AUD chart below, the bottom of this Down Channel formed when the pair reversed up from the powerful support zone lying between the multi-year support level 1.3770 (which has been reversing the price from 2014) and the lower weekly Bollinger Band. The proximity of this support zone adds to the probability EUR/AUD will continue to rise toward the forecast price 1.4219 in the nearest time.
To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.
For further information on this and other Autochartist products visit www.autochartist.com