Tuesday's Forex Update: EUR/AUD

By AutoChartistCurrenciesJan 23, 2018 05:54AM ET

www.investing.com/analysis/daily-forex-update-euraud-200282534

Tuesday's Forex Update: EUR/AUD

By AutoChartist | Jan 23, 2018 05:54AM ET

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EUR/AUD

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EUR/AUD continues to rise inside the 4-hour Rising Wedge chart pattern which was recently identified by Autochartist. Autochartist measures the quality of this Rising Wedge at the 6-bar level – which is the result of the slow Initial Trend (2 bars), significant Uniformity (7 bars) and strong Clarity (8 bars). EUR/AUD is expected to rise further inside this Rising Wedge – in line with the earlier upward reversal from the powerful support zone shown below.

EUR//AUD 87 Candles Chart

As can be seen from the weekly EUR/AUD chart below, the bottom of this Rising Wedge formed near the support zone lying between the major support level 1.5200 (former multi-month resistance level from 2017) and the 50% Fibonacci correction of the weekly uptrend from the start of 2017. The proximity of this support zone increases the probability EUR/AUD will continue to rise inside this Rising Wedge.

EUR/AUD 1 Week Chart

Disclaimer: THE RISK OF LOSS WHEN INVESTING IN SPOT FOREIGN EXCHANGE MARKET CAN BE SUBSTANTIAL: YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH INVESTMENT IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. THIS KIND OF INVESTMENT INVOLVES SUBSTANTIAL RISK AND IS NOT FOR ALL INVESTORS. INVESTMENT IN THE CURRENCY EXCHANGE IS HIGHLY SPECULATIVE AND SHOULD ONLY BE DONE WITH RISK CAPITAL. THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN FOREIGN EXCHANGE TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS. THIS BRIEF STATEMENT CANNOT DISCLOSE ALL OF THE RISKS AND OTHER SIGNIFICANT ASPECTS OF THE FOREIGN EXCHANGE MARKETS. THEREFORE, YOU SHOULD CAREFULLY REVIEW THE DISCLOSURES CONTAINED IN BOTH THE MARKET MAKER'S TRADING AGREEMENT AND THE INTRODUCING BROKER'S LIMITED POWER OF ATTORNEY (LPOA) TO DETERMINE WHETHER SUCH INVESTMENT IS APPROPRIATE FOR YOU IN LIGHT OF YOUR PARTICULAR FINANCIAL CONDITION.

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Tuesday's Forex Update: EUR/AUD

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