Note: No Fundies in the Ny Session this week!!
USDX: Bullish to Bearish: We finished an uptrend in a 5th wave pattern and now an ABC correction. We have convergence in play for the up move BUT….could be topping out. We are looking for a possible triple top and then a fall to the 0.500 Fibo @ 104.360 Watch for the bounce there. 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. BE SMART - TRADE WITH STOPS!!!!

EURUSD

What ProAct Traders See: Bearish: We are currently @ 1.0508 in a channel. We are looking to continue to the 1.000 Fibo/S6 @ 1.0351-1.0323. We have convergence for the down move. Watch the USDX for reversal and direction. The ATR for the pair currently is 76 pips.

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USDJPY

What ProAct Traders See: Bullish to Bearish: We are currently @ 149.58 in a channel near the top. A couple of different scenarios: 1: Bullish: a continuation above 150.09, look for a move to the 1.270 Fibo @ 151.56. 2: Bearish: A breakdown @ 150.00 would most likely take out the 0.500 Fibo @ 147.30. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 93 pips.

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GBPUSD

What ProAct Traders See: Bearish: We are currently @ 1.2144 after an abc correction. A break of the support here, targets the 1.000 Fibo @ 1.1954 and possibly the 1.270 Fibo @ 1.1850. Watch for the reaction there. Watch the USDX for direction. The average daily true range (ATR) for the pair is 95 pips.

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AUDUSD

What ProAct Traders See: Bearish: We are currently @ 0.6297 in a very tight range. We are looking to continue to the 1.000 Fibo @ 0.6231 and maybe the 1.270 Fibo @ 0.6173 area. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 72 pips.

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