This is what I see in the Forex the week of January 22nd , 2023 , 2022: USDX, EU,UJ,GU,AU
USDX: Bearish: We are in a day chart 5th wave in a trend. We have a possible 3rd wave o n the break of the Flag patten which is bearish. We expect a continuation that would most likely take out the 0.1618 Fibo @ 101.097. 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 @ 1.0857 in a Day chart 5th wave. We are looking to continue to the 1.618 Fibo @ 1.1022varea. A break higher would target the day R6 @1.1100. Watch the USDX for reversal and direction. The ATR for the pair currently is 100 pips.
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#USDJPY
What ProAct Traders See: Bearish: We are currently @ 129.56 in a nice range. We are looking for resumption to the downside to the range bottom @ 127.00 and a break of the range targets the day chart bottom @ 125.02. . Lots to go in our second phase of the REOTM Trade. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 194 pips.
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#GBPUSD
What ProAct Traders See: Bullish: We are currently @ 1.2429 in a channel and 3rd wave up in a range. On the break of the Ascending Wedge (Bullish), we are looking to continue to the 1.270 Fibo @ 1.2628 and then the 2.618 Fibo @ 1.2695. Watch the USDX for direction. The average daily true range (ATR) for the pair is 137 pips.
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#AUDUSD
What ProAct Traders See: Bullish: We are currently @ 0.6969 in the top of a range and day chart top. We have a channel (pretty choppy) and we have finished a fourth wave corrective move. IF we can break the top, we are looking for a continuation to the 1.618 Fibo @ 0.7202 with a further target the R6 @ 0.7240. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 97 pips.
CAUTION IS URGED - TRADE WITH STOPS!!!!!
