By: Dima Chernovolov
EUR/AUD continues to rise after the earlier breakout of the hourly key resistance level 1.5612 which was previously identified by Autochartist. Autochartist rates the significance of this key resistance level at the 3-bar level – which is the result of the 3 previous price reversals from this price level. EUR/AUD is expected to rise toward the forecast price 1.5661 – in line with the earlier upward reversal from the key support level shown below.
As can be seen from the weekly EUR/AUD chart below – the price earlier broke the powerful long-term support level 1.5350 (which has been reversing this currency pair from the middle of 2018) – standing near the lower weekly Bollinger Band. The proximity of this support level and the oversold weekly Stochastic increase the probability EUR/AUD will continue to rise toward the forecast price 1.5661.