This is what I see in the Forex the week of October 2nd  , 2022: USDX, EU,UJ,GU,AU

Oct 02, 2022

Note: Lots of Fundies this week including ADP and Non-Farm Payroll!


USDX: Bearish –Be open to both scenarios.   A couple of different scenarios: 1: Bullish: Candles are an ABC Correction: - a break here look for a move back to the range top. 2: Bearish: 5 wave structure down: This move would most likely take out the range bottom @ 110.00. USD 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 except the USDJPY.  BE SMART - TRADE WITH STOPS!!!!

#EURUSD

What ProAct Traders See:  Bullish?: We are currently @ 0.9800 in a fractal 5th wave and in a channel in a range. WE are looking to continue up to the 0.214 Fibo @ 1.0056 area. Watch the USDX for reversal and direction. The ATR for the pair currently is 133 pips.

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#USDJPY                            

What ProAct Traders See: Bullish? And NASTY: We are currently @ 141.81 in a range.  We are looking for a short move up and then for a move back to the equilibrium @ 143.29. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 168 pips.

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#GBPUSD                           

What ProAct Traders See: Bullish: We are currently @ 1.1155 in a channel. We are looking for a short 4th wave and then the 5th to the 0.214 Fibo @ 1.1440. MACD still pointing the way up. Watch the USDX for direction. The average daily true range (ATR) for the pair is 223 pips.

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#AUDUSD

What ProAct Traders See: Bullish: We are currently @ 0.6399 in a 5th wave and in a channel.   We expect a bounce and then a continuation to the R4 @0.6600 area. If it continues the 5th wave watch the 0.618 Fibo @ 0.6154 and possibly a bounce here.  Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 97 pips.

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