This is what I see in the Forex the week of May 17th , 2020: USDX, EU,UJ,GU,AU

Note: USDX: Bearish: We have a quadruple top in place with Divergence now in play which indicates a bearish move.  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 much the same as last week. BE SMART - TRADE WITH STOPS!!!!

$EURUSD

What ProAct Traders See:  Waiting: We are currently @ 1.0820 is a sideways move in a Range.  We have divergence for the up move on the 60 min chart (see inset).  It still looks corrective so do not rule out another run to the bottom.  We are looking to continue to the range top @1.1800 and look for the reaction there. Watch the USDX for reversal and direction. The ATR for the pair currently is 77 pips.

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$USDJPY 

What ProAct Traders See: Bearish: We are currently @ 107.09 in a channel in a range at the top of a channel.  We are looking for a continuation to the range bottom @ 106.00 area. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 68 pips. 

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$GBPUSD

What ProAct Traders See: Bearish: We are currently @ 1.2105 in a 3rd wave. We are looking to continue to the 0.500 Fibo @ 1.1950 and watch for the 4th wave there.  If the trend continues look to the 1.1714 area. Watch the USDX for direction. The average daily true range (ATR) for the pair is 118 pips.

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$AUDUSD 

What ProAct Traders See:  Waiting: We are currently sitting @ 0.6415 just out of a symmetrical triangle.  A couple of different scenarios:  1:  Bullish: a bounce here, look for a move back to the top @ 0.6685. We have the start of divergence on the 60 min (see inset)2: Bearish:  A continuation here would most likely go to the S5 @ 0.6182 and then back up the range.  The current move looks corrective so that is why we are waiting. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 82 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