EUR/AUD recently completed the Clear Triangle chart pattern identified by Autochartist on the 4-hour charts. Autochartist rates the overall Quality of this chart pattern at the 4 bar level as a result of the low Initial Trend (2 bars), average Uniformity (5 bars) and significant Clarity (7 bars). The completion of this Triangle continues the strong downtrend that can be seen on the weekly EUR/AUD charts. The top of this Triangle (point A on the chart below) formed when the pair reversed down from the combined resistance area made out of the 61,8% Fibonacci Retracement of the preceding sharp daily downward price impulse from the major resistance 1.3000 (which reversed the pair down in May of 2012) and the down channel resistance trendline from August of 2011. The pair is expected to fall further toward the Forecast Price 1.2397.
The weekly EUR/AUD chart below shows the aforementioned resistance price levels:
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