Forex Trading the week of 09\/08\/2024: USDX, EU,UJ,GU,AU,

USDX: Forex Strategies Waiting but leaning to Bullish: We finished 5 waves down and waiting now for the C part of an abc correction. We have a possible Cup and Handle pattern in play so watch that initial down 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 about the same as last week. BE SMART - TRADE WITH STOPS!!!!

EURUSD

Forex Strategies Bearish: We are currently @ 1.1086 in a channel. We are looking for a continuation to the 0.618 Fibo @ 1.0944 and a further target at the S5 @ 1.0827. Watch the USDX for reversal and direction. The ATR for the pair currently is 61 pips and it 90 day average is 54 pips.

USDJPY

Forex Strategies Waiting: We are currently@ 142.32 in a range. We are looking for a bounce and then a continuation to the R6 area @ 147.80 area. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 179 pips and it 90 day average is 150 pips.

GBPUSD

Forex Strategies Bearish: We are currently@ 1.3128 in a channel in a big range. We are looking for a a 3rd wave continuation to the S5 @ 1.2894. Watch the USDX for direction. The average daily true range (ATR) for the pair is 76 pips and it 90 day average is 69 pips.

AUDUSD

Forex Strategies Bearish : We are currently@ 0.6670 in a channel in a range. We are looking to continue down to the S5/Day chart bottom @ 0.6450. We have convergence starting to the downside. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 53 pips and it 90 day average is 52 pips. NOT TRADEABLE AT THIS ATR!