Forex Opinion & Analysis

EUR/AUD: Breakout Trading Opportunity

Bearish:  Currently we are at 1.6316 in a channel in a range.  We are looking to continue to the ATR target @ 1.6266 area with an outside target at the 1.000 Fibo @ 1.6233 area.  We have convergence in play for the short. Watch the USDX for direction. The average daily true range (ATR) for the pair is  75 pips per day and it’s 90 day average is 90 pips per day. USDX is currently down.

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