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EUR\/AUD–starting a new channel

Bullish: Currently we are at 1.6430 in a new channel. IF we can break the triangle resistance here, we are looking to continue to the ATR target @ 1.6502 with a further target the R4 @ 1.6600. Watch the USDX for direction. The average daily true range (ATR) for the pair is 83 pips per day and it’s 90 day average is 101 pips per day. USDX is now headed up.

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