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Trade of the week

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AUDJPY Continues the channel

Bearish:  We are currently @ 91.08 in a channel up but also in a sideways move.   We are looking for a continuation to the ATR target @ 90.93.  A break down there would set up the move to the 1.270 Fibo @ 90.54. Watch the USDX for any change in direction. The ATR for the pair currently is 109 pips per day and its 180 day average is 108 pips per day. USDX is currently up but could be topping out at the time of this post.  
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USDJPY Decision time

Waiting:  We are currently @ 128.20 in a channel up but also in a sideways move.   Two scenarios: 1: Bullish:  a move to the resistance near 129.50 and possible continuation to the ATR targets @ 129.67. 2:  Bearish: A break down here would set up the move to the ATR target @ 127.45. Watch the USDX for any change in direction. The ATR for the pair currently is 114 pips per day and its 180 day average is 99 pips per day. USDX is currently up but could be topping out at the time of this post.  
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This is what I see in the Forex the week of April 24th , 2022: USDX, EU,UJ,GU,AU

USDX: Bullish to Bearish –We are is a short trend with 5 waves potentially in so we may be putting in a head and shoulders. We have divergence in play but they may want to take out the Day chart top @ 103.229 first so be prepared for either move. 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 lower than last week. BE SMART - TRADE WITH STOPS!!!!

USDJPY Break Down

Bearish:  We are currently @ 128.12.   We are looking for a move to the ATR target @ 126.74 area with a further target just above the 126.00. Watch the USDX for any change in direction. The ATR for the pair currently is 112 pips per day and its 180 day average is 97 pips per day. USDX is currently DOWN at the time of this post.  

AUDJPY reversing

Bearish:  We are currently @ 95.09.   We have the first sign of the start of a new channel short.  We are looking for a move to the ATR target @ 94.06 area. Watch the USDX for any change in direction. The ATR for the pair currently is 107 pips per day and its 180 day average is 97 pips per day. USDX is currently DOWN at the time of this post.  
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AUDUSD Falling Wedge opportunity

Bullish:  We are currently @ 0.7366.   We have the first sign of a breakout up out of the Falling wedge.  We are looking for a move to the ATR target @ 0.7481 area. Watch the USDX for any change in direction. The ATR for the pair currently is 68 pips per day and its 180 day average is 68 pips per day. USDX is currently Trying to go DOWN at the time of this post.  
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GBPUSD breakout opportunity

Bullish:  We are currently @ 1.3042.   We have the first sign of a breakout up.  IF we can break the 1.3080 resistance, we are looking for a move to the ATR target @ 1.3145-3150 area. Watch the USDX for any change in direction. The ATR for the pair currently is 81 pips per day and its 180 day average is 85 pips per day. USDX is currently DOWN at the time of this post.  
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This is what I see in the Forex the week of April 17th , 2022

Note: USDX: Bullish –We are ranging and at the top of the range in a pennant that is bullish.   Above 101.37 , we should start looking for a top.  It takes a lot of candles to turn the USDX as shown, so if it ends up  being a down move, it might take a little while.  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 higher than last week. BE SMART - TRADE WITH STOPS!!!!

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