Forex Trading the week of 12\/08\/2024: USDX, EU,UJ,GU,AU,

Note: CPI and PPI this week! Open House this week!!

USDX: Forex Strategies Bullish for now: We are currently starting the bounce of the bottom. We are looking to continue to the 0.214 Fibo @104.842. 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 lower overall than last week. Lots of Waves this week! BE SMART - TRADE WITH STOPS!!!!

EURUSD

Forex Strategies Bearish: We are currently @ 1.0568 after an ABC corrective pattern. We are looking to continue to the range bottom @ 1.0706 area Watch the USDX for reversal and direction. The ATR for the pair currently is 92 pips and it. 90 day average is 71 pips.

USDJPY

Forex Strategies Bullish: We are currently @ 150.05. We are looking to continue a 3rd wave to the 0.786 Fibo @155.03 area. Watch for a 4th wave bounce there. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 120 pips and it 90 day average is 129 pips.

GBPUSD

Forex Strategies Bearish: We are currently @ 1.2742 after an ABC pattern. We are looking to continue to the Day chart bottom @ 1.2511. We have divergence to continue . Watch the USDX for direction. The average daily true range (ATR) for the pair 88pips and it 90 day average is 89 pips.

AUDUSD

Forex Strategies Bearish : We are currently @ 0.6390 just out of a range in a channel. We are looking to continue to the R5 @ 0.6312 area. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 52 pips and it 90 day average is 59pips.