Note: Lots of fundies this week!!

USDX: Bullish to Bearish: We are in an uptrend but close to the channel top. WE possibly have a rising wedge in play. We still have convergence in play so maybe one more run at a new top. A couple of different scenarios: 1: Bullish: a bounce here look for a move back to the channel top @ 106-107 2: Bearish: A break down of the channel wall would most likely take out the wave one top @ 103.28.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. BE SMART - TRADE WITH STOPS!!!!

EURUSD

What ProAct Traders See: Bearish to Bullish: We are currently @ 1.0700 in a 5th wave. A continuation here would most likely take out the Day chart bottom @ 1.0593 and then a bounce. Watch for the reaction there. Watch the USDX for reversal and direction. The ATR for the pair currently is 73 pips.

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USDJPY

What ProAct Traders See: Bullish: We are currently @ 147.38 in a 5th wave up at the range top. We are looking for a run at the Day chart top at @ 151.80 or the outside target R7 @ 154.32. Once a top is in place look for a move DOWN. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is a BIG 109 pips.

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GBPUSD

What ProAct Traders See: Bearish: We are currently @ 1.2466 in a 5th wave. A break of the support here, targets the 5th wave target @ 1.2338. Watch for the reaction there. Watch the USDX for direction. The average daily true range (ATR) for the pair is 96 pips.

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AUDUSD

What ProAct Traders See: Bearish: We are currently @ 0.6377 in a channel with nowhere to go. IF we get the breakout of the flag, we are looking for one more move down to the 1.000 Fibo @ 0.6270 and then possibly a hard bounce. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 61 pips.

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