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What I see

This is what I see in the Forex the week of May 24th , 2020: USDX, EU,UJ,GU,AUNote: USDX: Bullish: We have a channel in place with convergence now in play which indicates a bullish move.  Significant top in place @ 101.00. 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 @ 1.0902 in a Range.  We have Convergence almost in place for the next move for the down move on the 60 min chart (see inset).  We are looking to continue to the significant support @1.1790 and look for the reaction there. Watch the USDX for reversal and direction. The ATR for the pair currently is 77 pips.

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$USDJPY 

What ProAct Traders See: Waiting: We are currently @ 107.63 in a range at the top of the range.  We also have a symmetrical triangle in place so waiting for the Breakout.   A couple of different scenarios:  1:  Bullish: a Breakout here look for a move up to the 1.618 Fibo @ 109.39. 2: Bearish:  A break down here would most likely target the support @ 106.00.

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 @ 1.2167 in a possible 5thwave. WE do have convergence for the down move (60 min see inset). BUT…This last move looks very corrective in structure. A couple of different scenarios:  1:  Bullish: a bounce here look for a move back to the top @ 1.2500 area. 2: Bearish:  A continuation here would most likely target the S5  @ 1.1900. Watch the USDX for direction. The average daily true range (ATR) for the pair is 111pips.

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$AUDUSD 

What ProAct Traders See:  Bearish: We are currently sitting @ 0.6536. We are looking to continue to the 0.382 Fibo @0.6374 and maybe (depends on USDX) to the 0.500 Fibo @ 0.6300.  Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 80 pips. 

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