EUR/AUD – Starting the down move

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