EUR/USD
We are currently sitting at 1.1109. Structure shows a possible 5 waves up and/or an abc up for a move to the downside. Either way, right now, we are looking to the S4 at 1.1050 area. The average daily true range (ATR) for the pair currently is 99 pips.
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USD/JPY
We are currently at 124.29 (just 7 pips from last week at this time) and finally trying to trend. We are looking for a break above 1124.50 for a continuation to 126.00 The average daily true range (ATR) for the pair currently is 64 pips.
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GBP/USD
Sterling currently ranging. A couple of different scenarios: 1: Bullish: a move after the break of the top of the range to 1.5888 area and 2: Bearish: A break down to the support at 1.5425. The average daily true range (ATR) for the pair currently is 91 pips.
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AUD/USD – A great smooth currency for Newbie’s!
Aussie is at 0.7375. We expect this to be a 5th wave to the S5 at 0.7064. Watch for a hard bounce there. The average daily true range (ATR) for the pair currently is 86 pips.