Forex Trading the week of 12\/15\/2024: USDX, EU,UJ,GU,AU,

Note: FOMC this week! Fast Track starts this week!!

USDX: Forex Strategies Bullish for now: We are currently starting a 5thwave up. We are looking to continue to the R8 @108.316. The pairs should prove it out when the market opens. FOMC this week so all of this could change in a heartbeat and will affect the currencies below. ATR’s are about the same as last week except USDJPY which is significantly higher. BE SMART - TRADE WITH STOPS!!!!

EURUSD

Forex Strategies Bearish: We are currently @ 1.0504 in a tight range at the bottom of a big range. We are looking to continue to the range bottom @ 1.0330 area Watch the USDX for reversal and direction.The ATR for the pair currently is 80 pips and its 90 day average is 70 pips.

USDJPY

Forex Strategies Bullish and our REOTW is working nicely: We are currently@ 153.62. We are looking for a quick 4th wave and then to continue a 5th wave to the 2.618 Fibo @ 156.70 area. We may also already be in a 5th wave so the 1.000 Fibo is that target. . Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 156 pips and it 90 day average is 164 pips.

GBPUSD

Forex Strategies Bearish: We are currently @ 1.2615 in a 3rd wave. We expect a short puch sown before a 4th wave then finish at the bottom @ a.2474. We have convergence to continue . Watch the USDX for direction. The average daily true range (ATR) for the pair 87 pips and it 90 day average is 88 pips.

AUDUSD

Forex Strategies Bearish : We are currently @ 0.6364 in a 5th wave channel. Also in a Descending wedge. We are looking to continue to the Day chart bottom @ 0.6192 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 58 pips.