This is what I see in the Forex the week of April 16th , 2023 USDX, EU,UJ,GU,AU
Apr 15, 2023
USDX: Bullish for now: We are back in a range. We have convergence to the upside. A couple of different scenarios: 1: Bullish: a bounce here look for a C Wave back to the 0.500 Fibo @ 103.104: Bearish: A continuation here would confirm a 5th wave down and most likely take out the 1.270 Fibo @ 101.131. The 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!!!!
Video here:
#EURUSD
What ProAct Traders See: Bearish: We are currently @ 1.0994 after taking out the top. We have a rising wedge pattern and the start of convergence down. We do have a breakout down. Watch for a short 2 wave to set up the continuation down to the S5 @ 1.0700. Watch the USDX for reversal and direction. The ATR for the pair currently is 78 pips.
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#USDJPY
What ProAct Traders See: Bullish: We are currently @ 133.77 in a range and channel. We have convergence in play for the long. Target up in a continuation is the 1.000 Fibo @ 135.43. with the Range top @ 137.78 the overall target. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 131 pips.
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#GBPUSD
What ProAct Traders See: Bearish: We are currently @ 1.2415 after a double top. WE have divergence in play for the short. We are looking for a breakout and then a 2 wave before resumption to the 0.786 Fibo @ 1.2121. A further target is to the range bottom @ 1.2000. Watch the USDX for direction. The average daily true range (ATR) for the pair is 89 pips.
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#AUDUSD
What ProAct Traders See: Bearish but cautious: We are currently @ 0.6710 in a tight range in a range. We are looking for a continuation to the day chart bottom @ 0.6523 area. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 73 pips.
CAUTION IS URGED - TRADE WITH STOPS!!!!!
