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This is what I see in the Forex the week of May16th , 2021: USDX, EU,UJ,GU,AU

Note: USDX: Bearish: 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 about the same as last week. BE SMART - TRADE WITH STOPS!!!!

$EURUSD

What ProAct Traders See:  Bullish: We are currently @ 1.2142 in a channel. We are looking for a continuation up to the R6 @1.2314 area. Watch there for a reversal. Watch the USDX for reversal and direction. The ATR for the pair currently is 67 pips.

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$USDJPY 

What ProAct Traders See: Bearish: We are currently @ 109.32 in a large wedge  We are looking for a continuation to the S5/0.618 Fibo @ 110.25.  Watch for a bounce  there.  Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 65 pips. 

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$GBPUSD

What ProAct Traders See: Bullish: We are currently @ 1.4099 in a possible 4th wave of a trend.  Be aware that an ab wave to the downside may be in play before the resumption of the 5th wave to the R6/range top @ 1.4291. 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:  Bullish  to bearish: We are currently sitting @ 0.7771 in a channel in a range We are looking for a continuation up to the 0.382 Fibo and watching for a c wave to the downside there to 0.7634.  Target up is this does not unfold is 0.8000 area. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 73 pips. 

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