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This is what I see in the Forex the week of May 30th , 2021: USDX, EU,UJ,GU,AU

Monday is a USA Bank Holiday – Low volume

Note: USDX: Waiting probably Bullish:  WE have a breakout of the former channel down so we will see if it gets traction. 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 LOWER than last week. BE SMART - TRADE WITH STOPS!!!!

$EURUSDS

What ProAct Traders See:  Bearish: We are currently @ 1.2192 after breaking the channel to the downside near the top of the range. A continuation here would most likely target the 0.500 Fibo @ 1.2027. Watch the USDX for reversal and direction. The ATR for the pair currently is 66 pips.

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$USDJPY 

What ProAct Traders See: Bullish: We are currently @ 109.87 in a channel in a range.  We are looking for a continuation to the R5/Range Top @ 111.00-26.  Watch for a reaction there.  Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 57 pips. 

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$GBPUSD

What ProAct Traders See: Waiting probably Bearish: We are currently @ 1.4190 after finishing a 5th wave to the day chart top @ 1.4242. We have a triple top in place and are looking for a move DOWN to the to the S5 @ 1.3955.  Watch the USDX for direction. The average daily true range (ATR) for the pair is 92 pips.

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$AUDUSD 

What ProAct Traders See:  Bearish: We are currently sitting @ 0.77 in a tight range and after a break of the triangle,  A continuation here would target the Range Bottom @ 0.7523 . Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 63 pips. 

Chart Graphics - click to open hit ESC to come back

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The “What I See” for next week is posted on the ProAct Traders blog.

We are looking for a break of the support @ 1.1573 and then a continuation to the 0.786 Fibo @ 1.1394.   Here we could bounce or continue to the 1.1300 area.  

 

A couple of different scenarios:  1:  Bullish: a bounce here look for a move back to the range top @ 113.00. 2: Bearish:  A continuation here would most likely take out the square up @ 110.00 and then back to the range top. 

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

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