Bearish: USDX is headed sideways waiting for FOMC at the time of this post. Watch for this continuation AFTER FOMC. Currently we are at 1.3634. We are looking for a 5th wave continuation to the ATR (Average True Range) Target @ 1.3587 area. The S5 target @ 1.3537 would finish the 5th wave so target that after the ATR target. Watch the USDX for any change in direction. The ATR for the pair currently is 77 pips per day and it’s 180 day average is 84 pips.
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