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Scott Barkley

This is what I see in the Forex the week of February 21st, 2021: USDX, EU,UJ,GU,AU

Note: USDX: Bearish overall: We are in a channel in a arrange inside a large range. We have the possible start of convergence in play for the down move.  USDX has been oscillating up and down in the smaller range so bear that is mind. ATR’s overall are slightly lower than last week and will change again on Sunday – use as a reference. BE SMART - TRADE WITH STOPS!!!!

$EURUSD

What ProAct Traders See:  Waiting: We are currently @ 1.2117 in a range and in a new channel. A couple of different scenarios:  1:  Bullish: a bounce here look for a move back towards the range top @ 1.2358. 2: Bearish:  A continuation here would most likely take out the square up @ 110.00 and then back to the range top. Watch the USDX for direction. The ATR for the pair currently is 63 pips per day.

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$USDJPY 

What ProAct Traders See: Bearish: We are currently @ 104.95  in a new channel.  We are anticipating a move to the S4 support @ 103.45 area. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is ONLY 48 pips. 

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$GBPUSD

What ProAct Traders See: Bearish: We are currently @ 1.4006 in a  5 wave fractal channel. We are looking for an abc corrective move to the square up @ 1.3882.  Watch for a reaction there. Watch the USDX for direction. The average daily true range (ATR) for the pair is 87 pips.

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$AUDUSD  

What ProAct Traders See:  Bearish to Bullish:  We are currently sitting @ 0.7868 outside a range at the channel top.  We are looking for a correction to the day chart top @ 0.7798 and then either a move to the 1.270 Fibo @ 0.7919 or a reversal. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 56 pips. 

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