EUR/AUD today broke the 4-hour Triangle chart pattern identified by Autochartist.
The Quality of this Triangle is measured at the 4 bar level as a consequence of the slow Initial Trend (2 bars), medium Uniformity (5 bars) and higher Clarity (7 bars). This Triangle Breakout is aligned with the predominant downtrend visible on the weekly EUR/AUD charts. Point A on the chart below was formed when EUR/AUD turned down from the combined resistance zone consisting of the 61,8% Fibonacci Correction of the previous sharp downward price thrust from the round resistance 1.3000 (it reversed the EUR/AUD down in May) and the resistance trendline of the downward price channel from August of 2011.
EUR/AUD is expected to continue downward movement toward the Forecast Price 1.2397.
The following weekly EUR/AUD chart below highlights the resistance levels mentioned above:
