Forex Trading the week of 11\/17\/2024: U.SDX, EU,UJ,GU,AU,

Note: Unemployment claims this week!

USDX: Forex Strategies Waiting: We are currently in the top of a channel with a triple top in place. If it truly is a top then we will look to return to the 0.500 Fibo @ 105.654 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 higher overall than last week. BE SMART - TRADE WITH STOPS!!!!

EURUSD

Forex Strategies Bullish: We are currently @ 1.0539 in the bottom of a Range. If the USDX goes Down, we are looking for a bounce to the 0.618 Fibo @ 1.0773. Watch the USDX for reversal and direction. The ATR for the pair currently is 91 pips and it 90 day average is 63 pips.

USDJPY

Forex Strategies Bearish: We are currently @ 154.36 out of a rising wedge.. We are looking at the 4.236 Fibo @ 140.39 area. Could bounce there. With momentum we might continue to the day chart bottom @148.80. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 150 pips and it 90 day average is 181 pips.

GBPUSD

Forex Strategies Waiting: We are currently@ 1.2621 in a channel just below the Day chart support. If dollar goes down, we are looking for a bounce to the S5 @ 1.3050 area. A continuation targets the S7 @ 1.2456 area. We have convergence to continue . Watch the USDX for direction. The average daily true range (ATR) for the pair is 108 pips and it 90 day average is 84 pips.

AUDUSD

Forex Strategies Waiting : We are currently@ 0.6464 at a bottom. If it is a descending wedge, we are looking to continue to the 1.000 Fibo @ 0.6393 area. If it bounces we are looking to the 0.382 Fibo @ 0.6599. Divergence favors the bounce. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 67 pips and it 90 day average is 58 pips.