Note: Lots of Fundies and FOMC this week!!
USDX: Bullish to Bearish: We are in a sideways move and FOMC midweek . We are looking for a 5th fractal wave to correct to the R9 and then sell off there. Watch the top @105.30 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 @ 1.0761 in a BIG range and a channel. We are looking to finish a 5th wave and then bounce at the R5 @ 106.34-30 area. Watch the USDX for reversal and direction. The ATR for the pair currently is 65 pips.

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USDJPY

What ProAct Traders See: Bullish to Bearish: We are currently @ 144.96 after the huge move in a 5th wave down. We are looking for a corrective abc continuation to the support @ 146.00 area and then another wave down following the USDX. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 157 pips.

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GBPUSD

What ProAct Traders See: Bearish: We are currently @ 1.2549 in a sideways move and looking for a head fake at the end to establish a 4th wave for the 5th wave. The 5th wave may not happen if the dollar closes quickly so watch for a bounce if that happens. Target down is the range bottom @ 1.2330 area. Watch for the reaction there. Watch the USDX for direction. The average daily true range (ATR) for the pair is 85 pips.

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AUDUSD

What ProAct Traders See: Waiting : We are currently @ 0.6577 in an abc in a tight range, which may evolve into another run to the top 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 63 pips.

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