Note: Consumer confidence this week!!
USDX: Bullish: We have finished 5 waves to the downside and now looking for an a-b-c up. We are looking for a move to the 104.50 area. Watch the top @105.08 area. 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 lower than last week except for the USDJPY +. BE SMART - TRADE WITH STOPS!!!!

EURUSD

What ProAct Traders See: Bearish: We are currently @ 1.0895 in a BIG range after putting in a double top. We are looking to continue to the double bottom @ 107.14 area. Watch the USDX for reversal and direction. The ATR for the pair currently is 76 pips and it 90 day average is 72 pips.

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USDJPY

What ProAct Traders See: Bullish: We are currently @ 142.17 after the huge move in a 5 waves down. We are looking for a corrective a-b-c continuation to the 0.500 Fibo @ 146.73 area and then we will see. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 192 pips and it 90 day average is 111 pips.

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GBPUSD

What ProAct Traders See: Bearish: We are currently @ 1.2680 in a big sideways move and looking for a continuation down ( USDX is up). Target down is the 0.214 Fibo @ 1.2256 area. Watch for the reaction there. Watch the USDX for direction. The average daily true range (ATR) for the pair is 96 pips and it 90 day average is 92 pips.

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AUDUSD

What ProAct Traders See: Waiting : We are currently @ 0.6704 in a tight range, which may evolve into another run to the bottom depending on the speed of the USDX. Wait for confirmation either way. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 73 pips and it 90 day average is 63 pips.

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