Note: Lots of Fundies this week including NFP on Friday!!

USDX: Waiting: We finished an uptrend in a 5th wave and maybe an AB of an ABC correction. It could also be bouncing at the channel wall to continue up. We have convergence in play so maybe one more run at a new top. If so, we are looking to top out at the 1.270 Fibo @ 107.772. Watch for the short now or 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 lower than last week. BE SMART - TRADE WITH STOPS!!!!

EURUSD

What ProAct Traders See: Waiting: We are currently @ 1.0647 in a channel. A couple of different scenarios: 1: Bullish: a “C” bounce here, look for a move back to the S4 @ 1.0714. 2: Bearish: A continuation here would most likely take out the S6 @ 1.0343.Watch the USDX for reversal and direction. The ATR for the pair currently is 72 pips.

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USDJPY

What ProAct Traders See: Bullish: We are currently @ 149.35 in a 5th wave and a channel. The breakout suggests the intention to go to the R5 @ 151.09. The Day chart top is a little further @ 151.93. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 77 pips.

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GBPUSD

What ProAct Traders See: Bearish: We are currently @ 1.2204 in a 5th wave. A break of the support here, targets the 5th wave S4 @ 1.21034. Watch for the reaction there to the upside. Watch the USDX for direction. The average daily true range (ATR) for the pair is 76 pips.

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AUDUSD

What ProAct Traders See: Waiting: We are currently @ 0.6434 in a very tight range with nowhere to go. Until it stops oscillating in this tight range-stay out of it. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 56 pips.

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