Forex Trading the week of 02\/02\/2025: USDX, EU,UJ,GU,AU, vv

Note: Powell testifies this week!

USDX: Forex Strategies Bullish: We are in a 3rdwave continuation, but the angle suggest that this is corrective for a bearish move. We also see convergence for the Up move. The pairs should prove it out when the market opens. All of this could change in a heartbeat and will affect the currencies below. ATR’s are a little higher then last week except USDX. BE SMART - TRADE WITH STOPS!!!!

EURUSD

Forex Strategies Bearish: We are currently @ 1.0328 in a 3rd wave and a channel. We are still in a range and we are looking to continue to the S5/Range Bottom @ 1.0159 area. Watch for either a bounce or a breakout here. Watch the USDX for reversal and direction. The ATR for the pair currently is 91 pips and its 90 day average is 78 pips.

USDJPY

Forex Strategies Waiting but Bearish Bias: We are currently @ 151.41 and USDX is going up. We are in a channel and if the wave continues and does NOT follow the USDX, we expect to continue to the S7 @ 146.90. Watch the USDX for direction.The average daily true range (ATR) for the pair currently is 145 pips and it 90 day average is 146 pips.

GBPUSD

Forex Strategies Bearish: We are currently @ 1.2401 in a range. We expect a move to the Day chart bottom @ 1.2168 and then we’ll see. Watch the USDX for direction. The average daily true range (ATR) for the pair 113pips and it 90 day average is 98 pips.

AUDUSD

Forex Strategies Bearish: We are currently @ 0.6273 in a tight range. We are looking to finish @ 0.6126 which is the range bottom. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 64 pips and it 90 day average is 58pips.