EUR/AUD continues to rise after the earlier breakout of the Key Resistance Level 1.5563 which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the quality of this Resistance Level at the 4-bar level – which reflects the 4 previous price reversals from this price level. EUR/AUD expected to rise toward the forecast price 1.5679 – in line with the recent upward reversal from the strong support area shown below.
As can be seen from the daily EUR/AUD chart below, the pair earlier reversed up from the support zone lying between the major support level 1.5260 (which also reversed the price in January), lower weekly Bollinger Band® and the 50% Fibonacci correction of the previous upward impulse from July of 2017. The proximity of this support zone increases the probability EUR/AUD will continue to rise toward the forecast price 1.5679.
