Trade of the Day: EUR/AUD

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ChartViper Trade of the Day

EUR/AUD continues to fall inside the 30-minute Dow Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Dow Channel at the 8-bar level – which is the result of the significant Initial Trend (7 bars), strong Uniformity (8 bars) and near-maximum Clarity (9 bars). EUR/AUD is expected to fall further inside this Dow Channel.

As can be seen from the daily EUR/AUD chart below – the pair earlier reversed down from the pivotal resistance level 1.65350 (which has been reversing the pair from May) and the upper daily Bollinger Band. The proximity of the resistance level 1.65350 and the bearish divergence on the daily Stochastic increases the probability EUR/AUD will continue to fall inside this Flag.

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