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Scott Barkley

This is what I see in the Forex the week of November 14th , 2020: USDX, EU,UJ,GU,AU

Note: USDX: Bearish: We are nearing a significant Support (0.214 Fibo) and (1H) MACD has convergence for a MOVE down.  We are looking for continued weakness UNLESS President Trump is declared the winner (Capitalism vs. Socialism).  All of this could change in a heartbeat and will affect the currencies below. ATR’s overall are about the same as last week and will change again on Sunday – use as a reference. BE SMART - TRADE WITH STOPS!!!!

$EURUSD

What ProAct Traders See:  Bullish: We are currently @ 1.1833 in a range in a channel.  We have convergence up on the 60 min chart.   A continuation here would most likely target the 1.270 Fibo @ 1.2000 area with a further target @1.2118. Watch the USDX for direction. The ATR for the pair currently is 90 pips.  

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$USDJPY 

What ProAct Traders See: Bearish: We are currently @ 104.65 in a range and a channel. A continuation here would most likely target the 1.270 Fibo @ 102.12. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is only 76 pips. 

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$GBPUSD

What ProAct Traders See: Bullish: We are currently @ 1.31984 near the top of a range in a channel. We have convergence on the 60 min chart (See inset). We are looking for a continuation to the range top @ 1.3320 area.  Breakout here look for a move to the 1.270 Fibo/R6 @ 1.3450-64. Watch the USDX for direction. The average daily true range (ATR) for the pair is 128 pips.

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$AUDUSD 

What ProAct Traders See:  Bullish: We are currently sitting @ 0.7272 in a range and a channel. We are looking for a continuation to the Range top @ 0.7437.  IF we breakout here look for the 1.270 Fibo @ 0.7560. We have convergence on the 60 min chart (see inset).  Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 83 pips. 

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