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This is what I see in the Forex the week of May 10th , 2020: USDX, EU,UJ,GU,AU

Note: USDX: Bullish to bearish: We have a bottom in place with Divergence now in play which indicated a bullish move.  However, it is not cleat just yet if this is a corrective more to go down or a real bottom for the up move.  Be aware that this we are still in a up channel and could continue that.  The USD pairs should prove it out when the market opens.  All of this could change in a heartbeat and will affect the currencies below. ATR’s are much the same as last week. BE SMART - TRADE WITH STOPS!!!!

$EURUSD

What ProAct Traders See:  Bearish: We are currently @ 1.0838 in a Range.  We have divergence for the down down on the 60 min chart. We are looking to continue to the Day chart bottom @1.0640 and look for the bounce there. Watch the USDX for reversal and direction. The ATR for the pair currently is 80 pips.

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$USDJPY 

What ProAct Traders See: Waiting: We are currently @ 106.65 in a channel in a range at the top of a channel.  We are looking for either a break up here to the Resistance @ 108.41 or a reaction down in the channel to the 104.84 area. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 62 pips. 

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$GBPUSD

What ProAct Traders See: Waiting: We are currently @ 1.2406 at the top of the channel in a range. We are looking to EITHER continue to the range top @ 1.2644 and watch for the reaction there or the reaction here would most likely target the double bottom @ 1.2238 area. Watch the USDX for direction. The average daily true range (ATR) for the pair is 116 pips.

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$AUDUSD 

What ProAct Traders See:  Bearish: We are currently sitting @ 0.6532 near the top of the range. We are looking to break down to the 0.382 fibo @ 0.6376 area.  Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 82 pips. 

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