Forex Trading the week of 05\/04\/2025: USDX, EU,UJ,GU,AU,

Note: FOMC this week!   

USDX: Forex Strategies Waiting: Currently, it looks like a 3rd  wave or an ABC – Wait for confirmation.  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 significantly lower than  last week.  BE SMART - TRADE WITH STOPS!!!!

EURUSD

Forex Strategies Bearish: We are currently @ 1.1299.  We are looking to continue to the 1270 Fibo  @ 1.1236. We have convergence in play for the up move. Watch the USDX for reversal and direction. The ATR for the pair currently is 100 pips and its  90 day average is 97 pips.  

USDJPY                            

Forex Strategies Bullish: We are currently @ 144.98.  We are in a channel and we expect a 4th wave down first and then a 5th wave  to continue to the R6 @ 1148.00. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 151 pips and it 90 day average is 157 pips.

GBPUSD                          

 Forex Strategies Bearish: We are currently @ 1.3270after a double top. We expect a 3rd  wave move to the S5 @ 1.3066 and maybe all the way to the 1,2990.  Watch the USDX for direction. The average daily true range (ATR) for the pair 128 pips and it 90 day average is 97 pips.

AUDUSD

Forex Strategies: Bearish:  We are currently @ 0.6446 in a tight  range.  We are looking to continue to the range bottom @ 0.6350. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 119 pips and it 90 day average is 68 pips.