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This is what I see in the Forex the week of May 15th , 2022: USDX, EU,UJ,GU,AU

Note: USDX: Bearish – We have convergence in play so we are looking to start an a-b-c to the downside  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 significantly higher than last week. BE SMART - TRADE WITH STOPS!!!!

#EURUSD

What ProAct Traders See:  Bullish: We are currently @ 1.0409 in a falling wedge which is bullish.  With Dollar down we are looking for a move to the upside to the R5/0.382 Fibo @ 1.0713-27.  Watch for a reaction there.  Watch the USDX for reversal and direction. The ATR for the pair currently is 108 pips.

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#USDJPY 

What ProAct Traders See: Bearish: We are currently @ 129.27 in a channel.  We have convergence up but very late.  We are looking for a move to the S5 @ 127.52 and then the S6 @125.18. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 146 pips. 

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#GBPUSD

What ProAct Traders See: Bullish: We are currently @ 1.2261 in a range and just out of a falling wedge.  We have convergence to the upside. We are looking for a move to the R5 @ 1.2560 and then???  Watch the USDX for direction. The average daily true range (ATR) for the pair is 149 pips.

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#AUDUSD 

What ProAct Traders See:  Bullish:  We are currently @ 0.6941.  We finished 5 waves to the downside. We are out of the falling wedge and expect a move back to the R5 @ 0.7207 area.  Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 114 pips. 

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

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