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EUR/AUD Could Move Lower

06/05/2023

Less than a minute

2023.06.05 09:18

Scott Barkley

Note: PMI is this AM

Bearish: is currently at 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 at 1.6144 with the overall target ATR target at 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.

EURAUD – Flag pattern says short