Note: Lots of Fundies this week!!

USDX: Waiting: We are in a sideways move and at the bottom of the range. A couple of different scenarios: 1: Bullish: a bounce here look for a move back to the 106.00 area – we have divergence for this. 2: Bearish: A continuation here would most likely take out the day chart bottom @ 101.00.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 except for the USDJPY +. BE SMART - TRADE WITH STOPS!!!!

EURUSD

What ProAct Traders See: Bullish: We are currently @ 1.0940 in the 5th wave in a channel. We are looking to continue to the R5 of the 3rd wave@ @ 1.1040 and then to the 1.618 Fibo @ 1.1080. Watch the USDX for reversal and direction. The ATR for the pair currently is 67 pips.

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USDJPY

What ProAct Traders See: Bullish: We are currently @ 149.45 in a flag, in the middle of a range. We are looking for a break up to the Day top @ 151.72 and possibly to the 1.270 Fibo @ 152.00. We have convergence started for the up move. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 111 pips.

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GBPUSD

What ProAct Traders See: Bearish: We are currently @ 1.2616 in the very top of the range is a rising wedge which is bearish. We are looking for a reversal to the 0.500 Fibo @ 1.2348. Watch for the reaction there. Watch the USDX for direction. The average daily true range (ATR) for the pair is 92 pips.

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AUDUSD

What ProAct Traders See: Bullish: We are currently @ 0.6586 in a very tight range and a 3rd wave channel. The Flag pattern suggests a continuation to the 1.270 Fibo @ 0.6687. We are looking to continue once we get room to go. A pullback should be considered a 4th corrective wave. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 61 pips.

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