Daily Forex Update: EUR/AUD

By: Dima Chernovolov

EUR/AUD continues to rise strongly inside the Up Channel chart pattern, which was recently identified by Autochartist on the daily charts. Autochartist measures the Quality of this Up Channel at the 5 bar level – which is the result of the low Initial Trend (one bar), above-average Uniformity (6 bars) and substantial Clarity (rated at the 8 bar level). EUR/AUD is expected to rise inside this Up Channel – continuing the active impulse wave from the support zone highlighted below.

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As can be seen from the daily EUR/AUD chart below, the active price impulse started when the price reversed up from the strong support zone lying between the key support level 1.4700 (former multi-month resistance level from December, acting as support after it was broken) and the 50% Fibonacci correction of the upward impulse from the start of May. The strength of the active impulse increases the probability EUR/AUD will continue to rise inside this Up Channel.

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