This is what I see in the Forex the week of May 29th  ,  2023  USDX, EU,UJ,GU,AU

May 29, 2023

Note: Fundies this week include CB Consumer confidence, Jolts, ADP, Non Farm Payroll!!!!


 

USDX: Bullish to Bearish: We are in a channel and a 5th wave. We are looking for a continuation to the R10 @ 105.78 and then watch for the sell off there. The key pairs are all showing reversal signs so be ready. 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. BE SMART - TRADE WITH STOPS!!!!

#EURUSD

What ProAct Traders See: Bearish to Bullish: We are currently @ 1.0710 in a channel in the bottom of the range which could be the bounce point.  A couple of different scenarios: 1: Bullish: a bounce here, look for a move back to the 0.500 Fibo @ 1.0901. 2: Bearish: A continuation here would most likely take out the 4.236 Fibo @ 1.0551 and then a bounce. Watch the USDX for reversal and direction. The ATR for the pair currently is 72 pips.

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#USDJPY 

What ProAct Traders See: Bearish: We are currently @ 140.43 at the top of the range and at a day chart top. We are looking for a move to the 0.214 Fibo @ 135.28. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 119 pips.

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#GBPUSD 

What ProAct Traders See: Bullish: We are currently @ 1.2358 in the bottom of a range. We have divergence in play for the long. We are looking for a continuation to the 0.382 Fibo @ 1.2539. Watch for the reaction there. Watch the USDX for direction. The average daily true range (ATR) for the pair is 88 pips.

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#AUDUSD 

What ProAct Traders See: Bullish: We are currently @ 0.6539 in a range and at the bottom. A couple of different scenarios: 1: Bullish: a bounce here look for a move back to the 0.618 Fibo @ 0.6725 2: Bearish: A continuation here would most likely take out the S5/1.618 Fibo @ 0.6423 and then bounce. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 63 pips. 

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