Bearish: EUR/AUD is currently at 1.5952 after making the turn in a range and a new channel. If we can break the support here, we are looking for a continuation to the 1.000 Fibo at the 1.5922 area and then the ATR/1.618 Fibo at 1.5858-66.
We have convergence in play for the move. Watch the USDX for directions. The average daily true range (ATR) for the pair is 123 pips, and its 180-day average is 136 pips per day. USDX is currently moving down.
