Note: USDX is in a Sideways move and close to the bottom – watch for a bounce or breakout.  Be aware that that could change in a heartbeat and will affect the currencies below.  ATR’s are still dropping.

$EURUSD

What ProAct Traders See:  Bearish: We are currently sitting @ 1.2365 in a symmetrical triangle.  We have divergence for the downside move so are looking for a continuation to the 0.618 Fibo @ 1.1953 and then a bounce and further move to 1.1789.   The average daily true range (ATR) for the pair currently is 81 pips.

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$USDJPY                                                                                                                   

What ProAct Traders See: Waiting: We are currently @ 104.96 in a range. We have divergence for the upside move so are cautiously awaiting the start of a bullish move but could have one more move to the downside before that happens.  We will be looking for a continuation to the 0.500 Fibo @ 106.46. The average daily true range (ATR) for the pair currently is 72 pips.

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$GBPUSD                                                                                                                   

What ProAct Traders See:  Bearish: Cable is currently sitting @ 1.4139 in a range.  We are looking for a reversal and then a continuation to the 0.786 Fibo @ 1.3850. The average daily true range (ATR) for the pair is 97 pips.

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$AUDUSD – A great smooth currency for Newbie’s! 

What ProAct Traders See:  Bearish: Aussie is @ 0.7702 in a large channel in a range.  We are watching for a continuation down to the Day [email protected] 0.7500 area.  The average daily true range (ATR) for the pair currently is 59 pips.

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Foreign Currency Trading carries a level of risk / reward that may not be suitable for all considering participation in the market known as Forex. The Forex is a "zero sum" market and its end effect is that there are an equal number of winners and losers. Consequently, the possibility exists that you could sustain an eventual loss of some or all of you initial investment. Therefore, you should never invest money that you cannot afford to lose. Before deciding to trade the Forex, you should become thoroughly educated in how the market works, have a sound money management plan and then carefully consider your investment objectives, level of experience, and risk appetite. If you have any doubts, seek advice from an independent financial advisor.

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