EUR/AUD's Channel Continues
Scott Barkley | Aug 28, 2023 08:52AM ET
It appears that the EUR/AUD is currently in a 3rd wave within a channel, with a current value of 1.6824. If we see a breakout of the slope support, we could potentially see a continuation towards the ATR Target of 1.6759, with a further target of the 0.618 Fibo at 1.6711. It may be beneficial to keep an eye on the USDX for direction. On average, the pair has a daily true range (ATR) of 122 pips, with a 90 day average of 132 pips. The USDX is currently on the rise, but may be reaching its peak.
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