EUR/AUD Ready For A 5th Wave

Note: FOMC This week!

Forex Strategy is Bearish: We are currently @ 1.6019 in a ABC 4th wave near the top. We are looking to  reverse at the channel wall and then continue to the Bottom @ 1.5734 area and ultimately the 1.270 Fibo @1.5683. USDX is currently down. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 101 pips per day and it’s 90-day average is 78 pips per day.