EUR/AUD Continues To Fall Inside The Clear Up Channel
AutoChartist | Sep 22, 2016 07:55AM ET
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.
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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