Note: USDX: Bearish: Working a nice channel with convergence in play.  Watch for the correction.  Be aware that this could change in a heartbeat and will affect the currencies below. ATR’s are lower than last week except for the GBPUSD. BE SMART - TRADE WITH STOPS!!!!

$EURUSD

What ProAct Traders See:  Bearish: We are currently @ 1.0809 in a range.  We have convergence on the 60/240 min chart. We are looking to continue to the day chart bottom @1.0648 and maybe to the S7 @ 1.0500. Watch the USDX for reversal and direction. The ATR for the pair currently is 186 pips.

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$USDJPY 

What ProAct Traders See: Waiting: We are currently @ 108.42 in a range.  We are waiting for more clues.  We have convergence UP on the 240 min and possible start of convergence down on the 60 min.  Watch for the reaction there. A couple of different scenarios:  1:  Bullish: a bounce here look for a move back to the R5/0.214 Fibo @ 110.62. 2: Bearish:  A Reversal here would most likely take out range bottom @ 107.00 area. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 200 pips. 

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$GBPUSD

What ProAct Traders See: Bearish: We are currently @ 1.2268 with a breakout south. We are looking to continue to the S7 @ 1.1500.  Could bounce hard there. Watch the USDX for direction. The average daily true range (ATR) for the pair is 330 pips.

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$AUDUSD 

What ProAct Traders See:  Bearish: We are currently sitting @ 0.5993 in a range. We are looking to continue to the range bottom @ 0.5500 area. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 210 pips. 

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