From auto Chartist

EUR/AUD has just completed the high Quality Up Channel chart pattern identified by Autochartist on the daily charts. The Quality of this chart pattern is rated at the 8 bar level as a result of the very sharp Initial Trend (measured at the highest 10 bar level), significant Uniformity (rated at the 7 bar level) and average Clarity (5 bars). This chart pattern continues the long-term down trend visible on daily, weekly and the monthly charts. The maximum 10-bar value of the Initial Trend indicator reflects the sharpness of the down impulse that preceded this chart pattern. The top of this Up Channel formed at the combined resistance area made out of the previous high (where the aforementioned down impulse started), the 50% Fibonacci Retracement of the longer-term down trend, the round price level 1.4300 and the Bearish Engulfing Japanese Candlestick pattern piercing the top of the weekly Bollinger Band. This Up Channel encloses the ABC correction to the longer-term downtrend.