This is what I see in the Forex the week of April 9th   ,  2023  USDX, EU,UJ,GU,AU

Note:  Lots of Fundies this week! Core CPI FOMC Minutes, PPI Core Retail sales and  U of M consumer sentiment

 

USDX: Bullish for now: We are in a range.  We have convergence to the upside. The Channel says we might continue in a 3rd wave.  A continuation that would most likely take out the R8 @ 103.58.  It looks corrective to me. 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 slightly  lower than last week.  BE SMART - TRADE WITH STOPS!!!!

#EURUSD

What ProAct Traders See:  Bearish: We are currently @ 1.0905 after a top.  We are watching for a  breakout down.  Watch for a short 2 wave to set up the continuation down to the 4.236 Fibo @ 1.0595. MACD showing divergence to convergence.  Watch the USDX for reversal and direction. The ATR for the pair currently is 91 pips.

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#USDJPY 

What ProAct Traders See: Bullish: We are currently @ 132.16 in a range and channel. We have either a continuation (channel) or a corrective move (ABC).   We have convergence in play for the long. Target up in a continuation is the range top @ 134.16.  Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 145 pips.

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#GBPUSD  

What ProAct Traders See: Bearish: We are currently @ 1.2409 and target is a 3rd wave to the 4.236 Fibo @ 1.2093. 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 99 pips.

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#AUDUSD 

What ProAct Traders See:  Bearish:  We are currently @ 0.6669 in a range.  We  are looking for a continuation to the day chart bottom @ 0.6523 area with a breakout targeting the 4.236 Fibo @ 0.6472.  Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 76 pips. 

CAUTION IS URGED - TRADE WITH STOPS!!!!!