This is what I see in the Forex the week of August 7th , 2022: USDX, EU,UJ,GU,AU

USDX: Bullish – We are still potentially in the sideways move inside a range, but if it continues, watch for a wave structure to emerge. 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 about the same as last week (USDJPY and GBPUSD are significantly higher) -Summer Trading on the Dock. BE SMART - TRADE WITH STOPS!!!!

#EURUSD

What ProAct Traders See:  Bearish: We are currently @ 1.0179 in a possible third wave.  With USDX up, we are looking for a continuation to the S4 @ 1.0061.  Watch for a reaction there.  Watch the USDX for reversal and direction. The ATR for the pair currently is 115 pips.

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#USDJPY 

What ProAct Traders See: Bullish: We are currently @ 134.99 in a 3rd wave. We are looking for a move to the 0.786 Fibo @ 137.17 and then a possible continuation to the Day chart top @ 139.37.  Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 158 pips.

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#GBPUSD

What ProAct Traders See: Bearish: We are currently @ 1.2075 in a 3rd wave and a channel.  We are looking for a move to the Day chart bottom @ 1.1807.   Watch the USDX for direction. The average daily true range (ATR) for the pair is 168 pips.

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#AUDUSD 

What ProAct Traders See:  Bearish:  We are currently @ 0.6911 in a channel and 3rd wave.  We expect a move to the S4 @ 0.6814 area then a 4th wave bounce.  Overall target is the S5 @ 0.6670.  Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 82 pips. 

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