This is what I see in the Forex the week of February 19th 2023 USDX, EU,UJ,GU,AU
Feb 18, 2023
Note: FOMC Minutes on Wednesday
USDX: Bearish: We finished a 5th wave up and should now do an abc pattern. We have the start of convergence to the downside. The abc pattern should establish the channel down. We expect a continuation that would most likely take out the 0.382 Fibo @ 105.671. 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 higher than last week. BE SMART - TRADE WITH STOPS!!!!
#EURUSD
What ProAct Traders See: Bullish: We are currently @ 1.0695 after a 5th wave completion down. We are looking to continue an abc pattern to the Day chart top @ 1.0931 area. Watch the USDX for reversal and direction. The ATR for the pair currently is 95 pips.\
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#USDJPY
What ProAct Traders See: Bearish: We are currently @ 134.16 at a top. Big WOS! We have divergence in play for the short. We are looking for a reversal and then a continuation to the 0.382 Fibo @ 130.21. REOTM trade might be back in play. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 161 pips.
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#GBPUSD
What ProAct Traders See: Bullish: We are currently @ 1.2042 out of a falling wedge and after a 5th wave down in a range. We are looking for a continuation to the 0.214 Fibo @ 1.2334. Watch the USDX for direction. The average daily true range (ATR) for the pair is 127 pips.
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#AUDUSD
What ProAct Traders See: Bullish: We are currently @ 0.6878 after a breakout of the falling wedge. We are looking for a continuation to the 0.214 Fibo @ 0.7085. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 96 pips.
CAUTION IS URGED - TRADE WITH STOPS!!!!!
