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Scott Barkley

This is what I see in the Forex the week of November 17th, 2019: USDX, EU,UJ,GU,AU

USDX: Bearish: We are anticipating the continuation of the down move and we have a long way to the bottom. We have convergence on the 60 min chart (see inset) which is bearish. Be aware that this could change in a heartbeat and will affect the currencies below. ATR’s are roughly the same as last week.

$EURUSD

What ProAct Traders See: Bullish: We are currently @ 1.1055 in the start of a channel. We are looking to continue to the 0.214 Fibo @ 1.1163 and then maybe to the range top @ 1.1250. Watch the USDX for direction. The ATR for the pair currently is only 44 pips.

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$USDJPY

What ProAct Traders See: Bearish: We are currently @ 108.82 in a range and in a channel. We are looking for an initial move to the 0.786 Fibo @ 107.98 and then a bounce on slope support. Decision time here. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 52 pips.

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$GBPUSD

ProAct Traders See: Bullish: We are currently @ 1.2905. We are anticipating that this may be a 5th wave. We are looking to continue to the 1.3500. Overall target is 1.3716 day chart resistance. Watch the USDX for direction and Brexit news. The average daily true range (ATR) for the pair is 69 pips.

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$AUDUSD

What ProAct Traders See: Bullish: We are currently sitting @ 0.6816 inside a tight range and in a down channel. We are looking for a continuation to the 0.214 Fibo @ 0.6886 and then to the range top @ 0.6928. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 44 pips.

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