Forex Trading the week of 08\/25\/2024: USDX, EU,UJ,GU,AU,

Note: Consumer Confidence this week !

USDX: Forex Strategies Bearish: We are in another 5 waves down after the 4th wave abc correction. 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 about slightly higher than last week. BE SMART - TRADE WITH STOPS!!!!

EURUSD

Forex Strategies Bearish toBullish: We are currently @ 1.1193 in the top of the channel. We are looking for a 4th wave pullback and then on to the 1.618 Fibo @ 1.1260. Watch the USDX for reversal and direction. The ATR for the pair currently is 61pips and it 90 day average is 54 pips.

USDJPY

Forex Strategies Bearish: We are currently@ 147.61 in a channel in a range. We are looking for a continuation of the channel, so we are looking to the S9 area @135.37 area. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 232 pips and it 90 day average is 157 pips.

GBPUSD

Forex Strategies Bearish to Bullish: We are currently@ 1.3216 in a channel out of the range. We are looking to do a 4th wave correction and then a 5thwave continuation to the R6 @ 1.3275. Watch the USDX for direction. The average daily true range (ATR) for the pair is 80pips and it 90 day average is 70 pips.

AUDUSD

Forex Strategies Bullish to Bearish : We are currently@ 0.6797 in a 5th wave channel in a range. We are looking to go to the 1.270 Fibo @ 0.6939. We have the start of divergence so one more move is possible. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 65 pips and it 90 day average is 52 pips.