Note: FOMC this week!!

USDX: Bearish: We are in a sideways move and a rectangle which is bearish. WE are looking for a continuation to the range bottom @ 103.70 area with a possible continuation to the 1.618 Fibo @ 102.911. 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 higher than last week especially for the USDJPY +. BE SMART - TRADE WITH STOPS!!!!

EURUSD

What ProAct Traders See: Bullish: We are currently @ 1.0914 in a range and out of a flag. We are looking to continue to the R5 of the 3rd wave@ @ 1.1040 and then a possible 4th wave. Watch the USDX for reversal and direction. The ATR for the pair currently is 79 pips.

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USDJPY

What ProAct Traders See: Bearish: We are currently @ 149.56 in a flag, in the middle of a range and a 3rd wave. We are looking for a breakdown to the S5 @ 147.57 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 110 pips.

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GBPUSD

What ProAct Traders See: Bullish: We are currently @ 1.2461 in a range. We are looking for a move up to the Day chart top @ 1.2587 and then a continuation to the R6 @ 1.2674. Watch for the reaction there. Watch the USDX for direction. The average daily true range (ATR) for the pair is 100 pips.

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AUDUSD

What ProAct Traders See: Bullish: We are currently @ 0.6515 in a very tight range and at the top of it. We are looking to continue to the 1.000 Fibo @ 0.6637 and maybe the 1.270 Fibo @ 0.6687 area. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 68 pips.

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