This is what I see in the Forex the week of July 31st , 2022: USDX, EU,UJ,GU,AU

Early since I am flying to Florida in the AM.

USDX: Bearish – We are out of the sideways move inside a channel and are looking to continue this down movement. The USD 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 about the same as last week-Summer Trading on the Dock. BE SMART - TRADE WITH STOPS!!!!

#EURUSD

What ProAct Traders See:  Bullish: We are currently @ 1.0227 in a third wave.  With USDX down, we are looking for a continuation to the 0.214 Fibo @ 1.0473.  Watch for a reaction there.  Watch the USDX for reversal and direction. The ATR for the pair currently is 118 pips.

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#USDJPY 

What ProAct Traders See: Bearish: We are currently @ 133.23 in a 5th wave ( alternative count is a 3 wave).  We are looking for a move to the support @ 131.07 and then a 4th wave before resumption to the downside.  Showing 2 scenarios. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 121 pips.

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#GBPUSD

What ProAct Traders See: Bullish: We are currently @ 1.2183 in a 3rd wave and a channel.  Note they may have put the 4th wave in with the spike down. We are looking for a move to the R6 @ 1.2372.   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 @ 0.6994 in a channel.  We expect a move to the 0.214 Fibo @ 0.7152 area.  We may have divergence so make not make it past the R5 @ 0.7058.  Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 85 pips. 

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