This is what I see in the Forex the week of October 30th , 2022: USDX, EU,UJ,GU,AU
Note: FOMC and Non-Farm Payroll this week – means the market runes early in the week.
USDX: Up Chatter is that USDX is going to 118.00. 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 about the same as last week except USDJPY and AUDUSD. BE SMART - TRADE WITH STOPS!!!!
#EURUSD
What ProAct Traders See: Bearish: We are currently @ 0.9966 in a fractal 3rd wave and in a range. Also a channel. We are looking to continue the wave pattern to the 1.618 Fibo @ 1.9782 area. Watch the USDX for reversal and direction. The ATR for the pair currently is 114 pips.
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#USDJPY
What ProAct Traders See: Bullish: We are currently @ 147.49. We are looking for a move the 2.618 Fibo @ 150.43. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 176 pips.
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#GBPUSD
What ProAct Traders See: Bearish: We are currently @ 1.1615 in a possible start of a down channel (not built yet). down channel. We are looking to continue to the S5 @ 1.1268. Watch the USDX for direction. The average daily true range (ATR) for the pair is 197 pips.
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#AUDUSD
What ProAct Traders See: Bearish: We are currently @ 0.6413 in a channel in a 3rd wave. We are anticipating the move to the S5 @ 0.6290. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 117 pips.
CAUTION IS URGED - TRADE WITH STOPS!!!!!
