Forex Trading the week of 11\/24\/2024: U.SDX, EU,UJ,GU,AU,

Note: FOMC Meeting Minutes this week!

USDX: Forex Strategies Bullish: We are currently in a 4th wave setting up a 5th wave 20 the new top. After the pullback w will look to return to the top @ 108.432. 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 @ 1.0419 after 5 waves to the downside. We are looking for an ABC correction. Watch the USDX for reversal and direction. The ATR for the pair currently is 99 pips and it 90 day average is 65 pips.

USDJPY

Forex Strategies Bearish: We are currently @ 154.76 out of a rising wedge.. We are looking at the S5 @ 152.98 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 165 pips and it 90 day average is 182 pips.

GBPUSD

Forex Strategies Bearish to Bullish: We are currently@ 1.2532 in a channel and a 5th wave. We are looking to finish the wave @ 1.2436 area and bounce. We have convergence to continue . Watch the USDX for direction. The average daily true range (ATR) for the pair is 141 pips and it 90 day average is 143 pips.

AUDUSD

Forex Strategies Waiting : We are currently@ 0.6502 in a range with a bullish rectangle in play. If so we are looking to continue to the 1.618 Fibo @ 0.6637 area. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 70 pips and it 90 day average is 59pips.