EUR/AUD continues to rise inside the uniform Triangle chart pattern which was recently identified by Autochartist on the hourly charts. Autochartist rates the quality of this Triangle at the 3-bar level – which reflects the low Initial Trend (4 bars), average Uniformity (5 bars) and lower Clarity (one bar). EUR/AUD is expected to rise further inside this Triangle – in line with the daily impulse wave from the support area shown below.
As can be seen from the daily EUR/AUD chart below, this Triangle is aligned with the active impulse wave which started earlier with the Bullish Engulfing from the support area lying between the key support level 1.4800, lower daily Ballinger Band and the 50% Fibonacci correction of the upward price impulse from July. The proximity of this support zone increases the probability EUR/AUD will continue to rise inside this Triangle.
