Daily Forex Update: EUR/AUD
AutoChartist | Mar 12, 2014 05:02AM ET
EUR/AUD continues to rise after the recent breakout of the 4-hour Triangle chart pattern that was earlier identified by Autochartist. The price is expected to rise to the target level 1.5768 in nearest time. The breakout of this Triangle continues the predominant uptrend that can be seen on the daily and the weekly EUR/AUD charts. The bottom of this Triangle formed earlier, when the pair reversed strongly up from the combined support zone lying between the round support level 1.5000, 50% Fibonacci Correction of the preceding upward impulse from last November as well as the lower daily Bollinger Band (as you can see on the next chart below).
The daily EUR/AUD chart below highlights the aforementioned support levels:
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