This is what I see in the Forex the week of August 9th , 2020: USDX, EU,UJ,GU,AU

Note: USDX: BULLISH: MACD has convergence for a continued MOVE UP.  We are looking for an a-b-c continuation to the 0.618 Fibo for a possible reversal point to start a 5th wave down.  We could also just stay in the current range. The USD 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 slightly higher than last week and are rising due to the USDX. BE SMART - TRADE WITH STOPS!!!!

$EURUSD

What ProAct Traders See:  Bearish: We are currently @ 1.1787 after topping out. We have convergence for the downside move on the 60-minute chart.  We are looking for a continuation to the 0.382 Fibo @ 1.1698 for a possible bounce point to range.  A break down here would target the S5 @ 1.1539.  Watch the USDX for direction. The ATR for the pair currently is 101pips.  Note: I used the 360-minute chart to try and get enough candles to see it.

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$USDJPY 

What ProAct Traders See: Bullish: We are currently @ 105.94 in a range. We are looking to continue to the R5 @ 108.00 area.  Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 76 pips. Note: I used the 360-minute chart to try and get enough candles to see it.

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$GBPUSD

What ProAct Traders See: Bearish to bullish: We are currently @ 1.3052 after a 3rd wave.  We are looking for an a-b-c continuation to the 0.500 Fibo @ 1.2834 for a possible reversal point and start a 5th wave up.  Watch the USDX for direction. The average daily true range (ATR) for the pair is 112 pips.

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$AUDUSD 

What ProAct Traders See:  Bearish: We are currently sitting @ 0.7144 after a 5th wave. We are looking to stay in this range now to the 0.786 Fibo/S5 @ 0.6900 for a possible reversal point.  Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 73 pips. 

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What I See in the Forex
What I See in the Forex
What I See in the Forex
What I See in the Forex
What I See in the Forex