EUR/AUD – starting a channel down

May 18, 2023

Note: Unemployment claims was positive

Bearish:  We are currently @ 1.6275 in the start of a channel.   IF we can break support here, we are looking for a continuation to the ATR target @ 1..6142 with a further target the 2.618 Fibo @ 1.6048 area.  Watch the USDX for direction. The average daily true range (ATR) for the pair is 135 pips per day and it’s 180 day average is 133 pips per day. USDX is currently moving up.