EUR/USD
We are currently sitting at 1.1199 and waiting for direction in a sideways move. The triangle break suggests an upside move to the double top at 1.1404. A break down and look to the strong support at 1.0908-21. The average daily true range (ATR) for the pair currently is 135 pips.
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USD/JPY
To trend or not to trend … We are currently at 122.83 and possibly still ranging. If we turn to the downside, we are looking to the first wave S6 at 119.79 area. If ranging, look for the 124.45. The average daily true range (ATR) for the pair currently is 103 pips.
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GBP/USD
We are currently sitting at 1.5511 in what appears to be a 4th wave correction. If so, we are looking to finish and then short to the Day chart bottom at 1.5246. The average daily true range (ATR) for the pair currently is 115 pips.
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AUD/USD – A great smooth currency for Newbie’s!
Aussie is at 0.7445. We expect this to be a 4th wave correction and then a 5th wave to the S6 at 0.7129. The average daily true range (ATR) for the pair currently is 91 pips.