Send me real-time posts from this site at my email
Scott Barkley

This is what I see in the Forex the week of December 13th, 2020: USDX, EU,UJ,GU,AU

Note: USDX: Bearish: We are in a possible 5th wave on the day chart and the current uptick is an a-b-c on the smaller charts. We have the start of possible divergence convergence for the up move but may go all the way to the 02/15/2018 low before the bounce.  Watch for temporary pullbacks to accomplish that.  ATR’s overall are the same as last week except for the GBPUSD (+30) and will change again on Sunday – use as a reference. BE SMART - TRADE WITH STOPS!!!!

$EURUSD

What ProAct Traders See:  Bearish to bullish (see USDX above) : We are currently @ 1.2247 in a range and a rising wedge (bearish).  A break down here would most likely take out the 0.382 Fibo @ 1.2073 and then watch for the bounce to the 1.270 Fibo @ 1.2417 area. Watch the USDX for direction. The ATR for the pair currently is 79 pips per day.

¬¬¬…………………………………………………

$USDJPY 

What ProAct Traders See: Bearish: We are currently @ 103.32 slightly out of the range.  We are still below the MACD which stays bearish so anticipating a slow move to the S5 @ 102.00 area.  Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 51 pips. 

……………………………………………….. 

$GBPUSD

What ProAct Traders See: Bearish: We are currently @ 1.3496 in a range after a rising wedge breakout. We are looking for a continuation  to the S5 @ 1.32440 (and may fill the gap. Brexit info affecting this pair a lot.   Watch the USDX for direction. The average daily true range (ATR) for the pair is 151 pips.

…………………………………………………

$AUDUSD 

What ProAct Traders See:  Waiting:  We are currently sitting @ 0.7621 in a channel . A couple of different scenarios:  1:  Bullish: a continuation here look for a move to the 1.270 Fibo @ 0.7753. 2: Bearish:  A Reversal ( we have the start of divergence)  here would most likely take out the 0.500 Fibo @ 0.7430. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 61 pips. 

Chart Graphics - click to open hit ESC to come back

……………………………………………….

The “What I See” for next week is posted on the ProAct Traders blog.

We are looking for a break of the support @ 1.1573 and then a continuation to the 0.786 Fibo @ 1.1394.   Here we could bounce or continue to the 1.1300 area.  

 

A couple of different scenarios:  1:  Bullish: a bounce here look for a move back to the range top @ 113.00. 2: Bearish:  A continuation here would most likely take out the square up @ 110.00 and then back to the range top. 

CAUTION IS URGED - TRADE WITH STOPS!!!!!

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue