Note: Small week for Fundies. U of M this week!!
USDX: Bearish: We are in a very large sideways move. We have convergence in play for the down move. We are looking to continue to the range bottom support AFTER a pullback @ 103.480. Watch 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 about the same as last week except for the USDJPY +. BE SMART - TRADE WITH STOPS!!!!

EURUSD

What ProAct Traders See: Bullish: We are currently @ 1.0730 in a channel in a range. We are looking to continue to the R5 AFTER the pullback @ @ 1.0827 and then the range top @ 1.0970. We have convergence for the up move. Watch the USDX for reversal and direction. The ATR for the pair currently is 75 pips.

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USDJPY

What ProAct Traders See: Bearish: We are currently @ 149.37 after turning at the top. We are looking for a breakdown to the range bottom @ 147.40 AFTER a pullback. We have convergence started for the down move. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 86 pips.

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GBPUSD

What ProAct Traders See: Bullish: We are currently @ 1.2381 in a channel and a range. WE are looking for a pullback and then a continuation to the R5 @ 1.2447 and then the Range top @ 1.2579. 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 @ 0.6514 in a very tight range. We are looking to initially pullback and then continue to the 1.270 Fibo @ 0.6573 and maybe the R5/1.618 Fibo @ 0.6652 area. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 60 pips.

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