This is what I see in the Forex the week of January 6, 2019: USDX, EU,UJ,GU,AU

Note: USDX is in a tight range.Watch the reaction @ the 96.732 area since we have divergence for the bounce up.Be aware that this could change in a heartbeat and will affect the currencies below. ATR’s are higher.

$EURUSD

What ProAct Traders See: We are currently @ 1.1403. Bearish: we are looking for a move down support @ 1.1277 (watch for a bounce there) and a possible continuation to the range bottom @ 1.1215. We have divergence for this down move.Watch the USDX for direction. The ATR for the the pair currently is 88 pips.

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$USDJPY

What ProAct Traders See: We are currently @ 108.46. A couple of different scenarios:1:Bullish: a break above the square up here and the 0.500 Fibo look for a move back to the Day chart resistance @ 111.66 2: Bearish:A reaction at the square up here down would most likely target the spike @ 104.19 area. Kuroda will not like that so be careful of intervention. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 110 pips.

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$GBPUSD

What ProAct Traders See:We are currently @ 1.2738. A couple of different scenarios:1:Bullish: a break above the 0.618 Fibo here look for a move back to the range top @ 1.2927 2: Bearish:A reaction at the here down would most likely target the range bottom @ 104.19 area.Kuroda will not like that so be careful of intervention. Brexit still affecting this pair. Watch the USDX for direction. The average daily true range (ATR) for the pair is 106 pips.

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$AUDUSD – A great smooth currency for Newbie’s!

What ProAct Traders See:Bearish ultimately:We are currently sitting @ 0.7116 in a range near a bounce point. IF we react at the resistance @0.7164 we are looking for a continuation to the range bottom @ 0.6920 (USDX divergence will help this scenario so higher probability for this).If we don’t bounce look for a continuation to the range top @ 0.7400. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 74 pips.

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Posted to Introduction to Forex Tar... on Jan 05, 2019 — 11:01 AM

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