By: Dima Chernovolov

EUR/AUD recently broke the Clear Falling Wedge chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the Quality of this Triangle at the 7 bar level – which reflects the slow Initial Trend (3 bars), significant Uniformity (7 bars) and near-maximum Clarity (9 bars). Autochartist measures the strength of this breakout at the highest, 10-bar level – which adds to the probability the pair will continue to rise toward the forecast price 1.0216 in coming trading sessions.

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As can be seen from the daily chart below, breakout of this Falling Wedge coincided with the breakout of the smaller-scale Down Channel, which was also identified by Autochartist on the 4-hour charts. Two different-type chart pattern breakouts (with close standing forecast prices – 1.3907 and 1.3913) heighten the likelihood EUR/AUD will continue to rise in the nearest time.

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