Note: ADP and NFP this week!!

USDX: Bullish to Bearish: We MAY have completed a 5 wave structure up and putting in a rising wedge. We still have convergence in play so maybe one more run at a new top. 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 down from last week. BE SMART - TRADE WITH STOPS!!!!

EURUSD

What ProAct Traders See: Bearish: We are currently @ 1.0795 in a 5th wave. If we can break support, we are looking for resumption of the 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 67 pips.

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USDJPY

What ProAct Traders See: Waiting: We are currently @ 146.41 in 5th wave up at the range top. We are looking for one more run at the top at either the R6/.0.618 Fibo @ 147.66 or the 1.000 Fibo @ 149.59. We should have divergence by then. Once a top is in place look for a move DOWN. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is a BIG 104 pips.

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GBPUSD

What ProAct Traders See: Bearish: We are currently @ 1.2580 in a 5th wave in a channel in a big range . A break of the support here, targets the 1.000 Fibo @ 1.2447. Watch for the reaction there. 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: Bearish: We are currently @ 0.6403 in a channel and 5th wave. We are looking for one more move down to the S4/1.000 Fibo @ 0.6252 and then a hard bounce. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 62 pips.

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