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Scott Barkley

This is what I see in the Forex the week of September 6th, 2020: USDX, EU,UJ,GU,AU

Note: USDX: Waiting: MACD has convergence for a MOVE DOWN on the 60-minute chart.  We may have finished a 4th wave to start a 5th wave down. We could also just bounce up and stay in the current range. 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 slightly higher than 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 @ 1.1839 in the channel. We have convergence for the upside move on the 60-minute chart.  We are looking for a break of the channel top  and a sustained move might target the Day chart Top @ 1.2156 area.   Watch the USDX for direction. The ATR for the pair currently is 92 pips.  

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$USDJPY 

What ProAct Traders See: Waiting: We are currently @ 105.42 in a range and in a symmetrical wedge. A couple of different scenarios:  1:  Bullish: a wedge break up look for a move back to the range top @ 108.00. 2: Bearish:  A wedge break down here would most likely take out the range bottom @ 104.00 area. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 71 pips. 

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$GBPUSD

What ProAct Traders See: Waiting: We are currently @ 1.3279 in a range.  A couple of different scenarios:  1:  Bullish: a bounce here (note: the Twins) look for a move back to the range top @ 1.3483 2: Bearish:  A continuation here would most likely take out the range bottom @ 1.3000. 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:  Waiting: We are currently sitting @ 0.7361 in a range. A couple of different scenarios:  1:  Bullish: a bounce here (note: the Twins) look for a move back to the range top @ 0.7414 2: Bearish:  A continuation here would most likely take out the range bottom @ 0.7100. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 70 pips. 

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