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GBPCHF channel

Bullish: Currently we are @ 1.1907 in a channel in a range.  We are looking for an move to the ATR Target @ 1.1976. Watch for a reaction at that level. The average daily true range (ATR) for the pair currently is 108 pips.

 

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GBPJPY reversal

Bearish: Currently we are @ 132.37 after a reversal at the top of a range.  We are looking for an initial move to the ATR Target @ 131.27 and then a continuation to the support @ 130.80. The average daily true range (ATR) for the pair currently is 135 pips.

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EURJPY

Waiting: Currently we are @ 117.87 in a possible 5th wave but also at the top of a range.  Two scenarios: Bullish:  a move to the R5 to complete the wave @ 119.10 area 2: Bearish: A break down here would set up a move first to the channel bottom @ 116.97 and then to the square up  @ 116.10 The average daily true range (ATR) for the pair currently is 95 pips.

 

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What I see

This is what I see in the Forex the week of May 24th , 2020: USDX, EU,UJ,GU,AUNote: USDX: Bullish: We have a channel in place with convergence now in play which indicates a bullish move.  Significant top in place @ 101.00. The USD 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 much the same as last week. BE SMART - TRADE WITH STOPS!!!!

$EURUSD

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What I See in the Forex
What I See in the Forex
What I See in the Forex
What I See in the Forex
What I See in the Forex

GBPAUD continuation

Bearish: Currently we are @ 1.8567 in a 5th wave.  We are looking for an initial move to the ATR Target @ 1.8398 and then a continuation to the Day chart bottom @ 1.8337.  The average daily true range (ATR) for the pair currently is 173 pips.

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GBPJPY

Waiting: Currently we are @ 131.95.  Two scenarios: Bullish:  a move to the range top @ 133.19 area).  This means the current structure is a bull flag – watch for the MACD to turn up 2: Bearish: A break down here would target the ATR target @ 130.39 (watch for the zero line break of the MACD. The average daily true range (ATR) for the pair currently is 156 pips.

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GBPJPY channel

Bullish to Bearish: Currently we are @ 131.90 in a channel.  We are looking for a continuation to the ATR target @ 132.43 and then to the range top @ 131.35.  Watch for the selloff there. The average daily true range (ATR) for the pair currently is 151 pips.

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USDCHF channel

Bearish: Currently we are @ 0.9707 in the initial start of a channel.  We are looking for a continuation to the ATR target @ 0.9663 and then to the support @ 0.9600.  The average daily true range (ATR) for the pair currently is 65 pips.

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