This is what I see in the Forex the week of April 23rd , 2023 USDX, EU,UJ,GU,AU
Apr 23, 2023
Note: Low week for Fundies.
USDX: Waiting for now: We are back in a range. 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 100.000. 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 higher than last week. BE SMART - TRADE WITH STOPS!!!!
#EURUSD
What ProAct Traders See: Bullish: We are currently @ 1.0989 in a very tight range. We have the start of convergence up. Watch for the continuation up to the 2.618 Fibo @ 1.1103. Watch the USDX for reversal and direction. The ATR for the pair currently is 80 pips.
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#USDJPY
What ProAct Traders See: Bearish: We are currently @ 134.13 in a range and out of a rising wedge. We have convergence in play for the short. Target down in a continuation is the range bottom @ 130.00. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 125 pips.
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#GBPUSD
What ProAct Traders See: Waiting: We are currently @ 1.2443 after a double top. We could have one more move to the top? We have divergence in play for the short. We are looking for a breakout of the wedge and then a 3 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 94 pips.
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#AUDUSD
What ProAct Traders See: Waiting We are currently @ 0.6693 in a tight range in a range. A couple of different scenarios: 1: Bullish: a bounce here look for a move back to the range top @ 0.7000. 2: Bearish: A continuation here would most likely take out the Day chart bottom @ 0.6523 and then back to the range top.
Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 77 pips.
CAUTION IS URGED - TRADE WITH STOPS!!!!!
