EUR/AUD – Flag pattern says short

Jun 05, 2023

Note: ISM Services PMI is this AM

Bearish:  We are currently @ 1.6201 in a flag pattern (bearish) in the channel.   IF we can break the flag, we are looking for a continuation to the 2.270 Fibo @ 1.6144 with the overall target the ATR target @ 1.6093.  Watch the USDX for direction. The average daily true range (ATR) for the pair is 113 pips per day and it’s 180 day average is 146 pips per day. USDX is currently moving up.