Note: USDX is sideways and has divergence for a possible upside move which affects the major currencies.
EUR/USD
What ProAct Traders See: Bearish: We are currently sitting at 1.2296 in a triangle pattern. We are looking for a continuation to the range bottom at 1.2201 and then decision time. A bounce back to the 0.500 Fibo at 1.2364 or down to the 1.270 Fibo at 1.2119. The average daily true range (ATR) for the pair currently is 104 pips.
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USD/JPY
What ProAct Traders See: Bullish: We are currently at 106.74 in a channel and showing divergence for an upside move. We are looking for a bounce to the 0.500 Fibo at 108.02. Overall, if the USDX is moving up we could get to the top at 110.00. The average daily true range (ATR) for the pair currently is 100 pips.
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GBP/USD
What ProAct Traders See: Bearish: Cable is currently sitting at 1.3970 in a large triangle. We are looking for a continuation with a target down to the Day chart channel at 1.3798 (watch for a bounce there). A bounce keeps it in the triangle which will make it hard to trade but a breakout look to the overall target at 1.3480. The average daily true range (ATR) for the pair is 145 pips.
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AUD/USD – A great smooth currency for Newbie’s!
What ProAct Traders See: Bearish: Aussie is at 0.7820 in a channel in a range. We expect a continuation to the 0.786 Fiboat 0.7637 area and then a move to the bottom at 0.7495. The average daily true range (ATR) for the pair currently is 78 pips.
