This is what I see in the Forex the week of May 7th,  2023  USDX, EU,UJ,GU,AU

Note:  Fundies this week include CPI and PPI

USDX: Bearish: We are in a range.  We expect more of the same – makes for difficult trading. 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 about the same as last week.  BE SMART - TRADE WITH STOPS!!!!

#EURUSD

What ProAct Traders See:  Bearish: We are currently @ 1.101 in a channel in a range. We have the start of convergence so looking for a move to the bottom of the range @ the 4.236 Fibo @ 1.0838..  Watch for the continuation up to the 1.618 Fibo @ 1.1177. Watch the USDX for reversal and direction. The ATR for the pair currently is 82 pips.

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#USDJPY 

What ProAct Traders See: Bullish: We are currently @ 134.84 in a range and a third wave. We have convergence in play for the continuation. Target up in a continuation is the range top @ 137.27. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 129 pips.

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#GBPUSD  

What ProAct Traders See: Bearish????: We are currently @ 1.2653 at the range top. We have divergence in play for the short. We are looking for a continuation to the S4 @ 1.2417.  Watch for the reaction there. Watch the USDX for direction. The average daily true range (ATR) for the pair is 90 pips.

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#AUDUSD 

What ProAct Traders See:  Bearish:  We are currently @ 0.6758 in a range and possible top ( not proven yet).  A move to the short side, look for a move to the S3 @ 0.6613. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 61 pips. 

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