Note: FOMC Minutes on Wednesday – Bank Holiday on Monday!!
USDX: Bearish: We finished an uptrend in a 5th wave and looking now for an ABC correction. We have convergence in play. We are looking to continue to the former resistance @ 105.847 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: Bullish: We are currently @ 1.0587 in a channel. We are looking to continue to the 0.382 Fibo @ 1.0756. WE have convergence for the up move. 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 to Bearish: We are currently @ 148.37 in a head and shoulder pattern which is bearish. Once complete we are looking to move down to the 0.500 Fibo @ 147.30. 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 @ 1.2238 in a first wave. A break of the resistance here, targets the 0.382 Fibo @ 1.2468. Watch for the reaction there. Watch the USDX for direction. The average daily true range (ATR) for the pair is 82 pips.

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AUDUSD

What ProAct Traders See: Bullish: We are currently @ 0.6385 in a very tight range. WE are looking to continue up to the range top @ 0.6502 area. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 64 pips.

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