Note: U of M this week!!
USDX: Bullish to Bearish: We MAY have completed a 5 wave structure up and put in a top at the Range Top. We do have divergence in play so maybe one more run at a new top. A continuation here, targets the 1.618 Fibo @ 104.440. Watch for a strong reaction there IF we even get there. 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 significantly down from last week. BE SMART - TRADE WITH STOPS!!!!

EURUSD

What ProAct Traders See: Bearish: We are currently @ 1.0877 after putting in a 4th wave. If we can break support, we are looking for resumption of a 5th wave to the 1.618 Fibo @ 1.0670. Watch for the reaction there. Watch the USDX for reversal and direction. The ATR for the pair currently is 69 pips.

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USDJPY

What ProAct Traders See: Waiting then Bearish : We are currently @ 145.34 in 5th wave up. We are looking for one more run at the top and maybe only a head and shoulders pattern. We have divergence. Once a top is in place look for a move DOWN to the support. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is a BIG 111 pips.

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GBPUSD

What ProAct Traders See: Bearish To Bullish: We are currently @ 1.2738 in a 3rd wave in a channel in a range . A break of the range, targets the 1.270 Fibo @ 1.2447. Watch for a reaction there. Watch the USDX for direction. The average daily true range (ATR) for the pair is 95 pips.

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AUDUSD

What ProAct Traders See: Bearish to Bullish: We are currently @ 0.6410 in a channel and 3rd wave, near the range bottom. We are looking for one more move down and then a bounce at the range bottom @ 0.6315 and then a hard bounce. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 71 pips.

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