EUR/AUD is moving down inside the Down Channel chart pattern identified by Autochartist on the daily charts. The Quality of this chart pattern is rated at the strong 8 bar level which is the consequence of the high values of all the quality indicators that contribute to its value: above average Initial Trend (6 bars) and near maximum Uniformity and Clarity (9 bars). The high Uniformity and the Clarity of this chart pattern describe a well formed price formation that is continuing the major down-trend visible on the daily and the weekly charts. The price has just reversed down from the upper resistance line of this chart pattern. The pair is expected to continue falling in the coming sessions.
The 240-minute EUR/AUD chart also shows the Down Channel chart pattern that has recently been completed. The price broke the lower support trend line with the Breakout whose strength is measured at the highest 10 bar level. The pair is currently trading near the upper boundary of the Forecast zone for this breakout (1.3420) and is expected to continue falling toward the lower boundary at 1.3361.
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