Bearish: Currently we are at 1.8927 in a range and in a channel. A break down here would target the ATR target @ 1.8800. This might go before FOMC but mostly likely after. The average daily true range (ATR) for the pair currently is 130 pips with a 180-day ATR of 151 Pips.

GBPAUD Trade of the week Idea!

Click on graphic

Two scenarios: Bullish: a move to the upper day chart trend line @ 1.2996 area) and break out we will look to the R5 @ 1.3172. 2: Bearish: A break down here or the 1.2996 area would set up a nice wave to the day chart bottom @ 1.2748. 3: a rang trade is it goes sideways. The average daily true range (ATR) for the pair currently is 111 pips with a 180-day ATR of 56 Pips.

USDX: Bearish: We are anticipating the continuation of the down move and we have a long way to the bottom. We have convergence on the 60 min chart (see inset) which is bearish. Be aware that this could change in a heartbeat and will affect the currencies below. ATR’s are roughly the same as last week.

$EURUSD

What ProAct Traders See: Bullish: We are currently @ 1.1055 in the start of a channel. We are looking to continue to the 0.214 Fibo @ 1.1163 and then maybe to the range top @ 1.1250. Watch the USDX for direction. The ATR for the pair currently is only 44 pips.

Bullish: Currently we are at 2.0129 in a range. We are looking to continue to the ATR target @ 2.0184. We should fill the gap by Friday (although the Gaps are only filled in the FX 78% of the time). WATCH THE USDX for more clues. The ATR is 90 Pips per day.