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EUR/AUD: Rising Wedge Signals Potential Breakout

12/11/2024

Less than a minute

2024.12.11 10:57

Note: neutral Today!

Forex Strategy is Bearish: We are currently @ 1.6527 in a rising wedge at the top of a Range. If we get the breakout, we are looking for a continuation to the ATR target @ 1.6435 area and then to the 0.618 Fibo @ 1.6410. We have divergence in play for the move. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 144 pips and it’s 90-day average is 127 pips per day.

EURAUD – Rising wedge at the Top