Note: FOMC minutes this week!!
USDX: Bearish: We completed a 5 wave structure up and put in a top At the Range Top (note: the 4th wave was a CPI announcement so the structure was not there for that move). A couple of different scenarios: 1: Bullish: a bounce here look for a move to the 1.000 Fibo @ 103.898. 2: Bearish: A reversal here would most likely take out equilibrium @ 102.780. 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 @ 1.0947 after putting in a 4th wave. If we can break support, we are looking for resumption to the 1.618 Fibo @ 1.0683. Watch for the reaction there. 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: Waiting : We are currently @ 144.96 in 5th wave up. Id this the Top??? A couple of different scenarios: 1: Bullish: a break here look for a move to the 1.000 Fibo @ 147.23. 2: Bearish: A reversal here would most likely take out the 0.500 Fibo @ 141.02. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is a BIG 156 pips.

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GBPUSD

What ProAct Traders See: Bearish: We are currently @ 1.2695 in a 5th wave in a channel in a range . A couple of different scenarios: 1: Bullish: a breakout here up look for a move back to the range top If we break slope support here, we are looking for a continuation to the S5 @ 1.2424: Watch the USDX for direction. The average daily true range (ATR) for the pair is 107 pips.

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AUDUSD

What ProAct Traders See: Bearish to Bullish: We are currently @ 0.6496 in a range near the range bottom. and after the breakout up of the falling wedge. We are looking for one more move down and then a bounce at the range bottom @ 0.6466 and then a hard bounce. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 79 pips.

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