This is what I see in the Forex the week of June 5th, 2022:

#forex #Proacttraders #FX #forex #forextrading #forexsignals #forexlife #forexlifestyle

Note: USDX: Bullish – We are looking to continue this up movement, but it looks very corrective so this up move may only be the setup for the short.  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 lower than last week. BE SMART - TRADE WITH STOPS!!!!

#EURUSD

What ProAct Traders See:  Bearish: We are currently @ 1.0717 in the start of a channel which is bearish.  With Dollar UP, we are looking for a continuation of a 3rd wave to the S4 @ 1.0554.  Watch for a reaction there.  Watch the USDX for reversal and direction. The ATR for the pair currently is 96 pips.

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#USDJPY 

What ProAct Traders See: Bullish: We are currently @ 130.82 after finishing a cup and handle.  We have convergence to the upside.  IF, we break the top we are looking for a move to the 1.270 Fibo @ 132.70 @ 125.23. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 113 pips. 

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#GBPUSD

What ProAct Traders See: Bearish: We are currently @ 1.2487 in a channel and in a potential  3rd wave.  We have convergence to the downside. We are looking for a move to the S5 @ 1.2300 and maybe to the day chart bottom @ 1.2176.  Watch the USDX for direction. The average daily true range (ATR) for the pair is 120 pips.

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#AUDUSD 

What ProAct Traders See:  Bearish:  We are currently @ 0.7208.  We are topping out and and expect a move to the S4 @ 0.7061 area and then to the 0.500 Fibo @ 0.7017.  Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 82 pips. 

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