Note: No Fundies during the NY Session. CPI this week!!
USDX: Bearish: We are in a very large sideways move and a Triangle which is bearish. A couple of different scenarios: 1: Bullish: a breakout here look for a move to the 0.786 Fibo @ 107.27 and then a fall. 2: Bearish: A Breakdown here would most likely take out the 0.382 Fibo @ 104.36. 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 about the same as last week except for the USDJPY +. BE SMART - TRADE WITH STOPS!!!!

EURUSD

What ProAct Traders See: Bearish then bullish: We are currently @ 1.0685 in a range. We are looking to continue to the 0.382 Fibo @ @ 1.0608 and then the bounce.. Watch the USDX for reversal and direction. The ATR for the pair currently is 77 pips.

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USDJPY

What ProAct Traders See: Bearish: We are currently @ 151.53 at the top with a rising wedge which is bearish. We are looking for a breakdown to the 0.618 Fibo @ 149.88 and possibly to the double bottom @ 148.90. We have divergence started for the down move. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 92 pips.

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GBPUSD

What ProAct Traders See: Bullish: We are currently @ 1.2227 in a range. We are looking for a break up and then a continuation to the range top @ 1.2447. Watch for the reaction there. Watch the USDX for direction. The average daily true range (ATR) for the pair is 86 pips.

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AUDUSD

What ProAct Traders See: Bullish: We are currently @ 0.6361 in a very tight range. We are looking to continue to the range top @ 0.6523 and maybe the 1.000 Fibo @ 0.6589 area. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 66 pips.

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