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EUR/AUD Recently Broke Clear Falling Wedge Pattern

Published 02/27/2017, 05:10 AM
Updated 03/09/2019, 08:30 AM

EUR/AUD recently broke the clear falling wedge chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the quality of this triangle at the 7 bar level – which reflects the slow initial trend (3 bars), significant uniformity (7 bars) and near-maximum clarity (9 bars). Autochartist measures the strength of this breakout at the highest, 10-bar level – which adds to the probability the pair will continue to rise toward the forecast price 1.0216 in coming trading sessions.

EUR/AUD 240 Minute Chart

As can be seen from the daily chart below, breakout of this falling wedge coincided with the breakout of the smaller-scale down channel, which was also identified by Autochartist on the 4-hour charts. Two different-type chart pattern breakouts (with close standing forecast prices – 1.3907 and 1.3913) heighten the likelihood EUR/AUD will continue to rise in the nearest time.

EUR/AUD 240 Minute Chart 2

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