Note: USDX is bullish but at a top.Be aware that that could change in a heartbeat and will affect the currencies below.Unless it is clear I will use both scenarios. ATR’s have decreased slightly.
What ProAct Traders See:Waiting: We are currently sitting @ 1.2282 in a range and at a significant bounce point. A couple of different scenarios:1:Bullish: a bounce and move to the square up @ 1.2435. 2: Bearish: A break down here would set up move to the day chart bottom @ 1.2151. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 67 pips.
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$USDJPY
What ProAct Traders See: Bearish: We are currently @ 107.65 trying to make the turn to the downside. We are looking to first take out the square up @ 108.00. We have convergence to the downside so will be looking for a continuation to equilibrium for the range @ 106.58 and then to the 0.618 Fibo @ 105.82. The average daily true range (ATR) for the pair currently is 64 pips.
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$GBPUSD
What ProAct Traders See:Initially Bearish: Cable is currently sitting @ 1.4012 in a large range.A couple of different scenarios:1:Bullish: a move down to the square up @ 1.3960 and then bounce to the 0.500 Fibo @ 1.4171. 2: Bearish: A break down below 1.3960 would set up move to the day chart bottom @ 1.3765. Watch the USDX for direction. The average daily true range (ATR) for the pair is 100 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
What ProAct Traders See:Waiting: We are currently sitting @ 0.7668 in a range and at a significant bounce point. A couple of different scenarios:1:Bullish: a bounce and move to the 0.500 Fibo @ 0.7890. 2: Bearish: A ...
