This is what I see in the Forex the week of February 3rd, 2019

Note: USDX is in a range.We are currently bearish due to the down channel, but waiting for an abc pattern to finish before resumption down. Watch the reaction @ the 95.018 area for either a continuance or reversal.Be aware that this could change in a heartbeat and will affect the currencies below. ATR’s are roughly the same.

$EURUSD

What ProAct Traders See: We are currently @ 1.1365. Bullish: we are looking for a completion of the abc correction and then a range/ day chart top @ 1.1384 (watch for a reversal there) and a continuation to the range bottom @ 1.1270. Watch the USDX for direction. The ATR for the the pair currently is 63 pips.

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$USDJPY

What ProAct Traders See: We are currently @ 109.51. Bearish: We are looking for a continuation to the range bottom @ 112.18.We could have one short move up to the range top @ 109.94 before resumption to the downside.Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 59 pips.

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$GBPUSD

What ProAct Traders See:We are currently @ 1.3082 after finishing an abc corrective pattern which is bullish:We are looking for a continuation after the slope resistance break above the 1.3100 and we will target the range top @ 1.3250 area.Brexit still affecting this pair. Watch the USDX for direction. The average daily true range (ATR) for the pair is 121 pips.

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

What ProAct Traders See:Bearish:We are currently sitting @ 0.7251 in a range and60 min MACD says continuation down (shown) which is bearish.We are looking for a continuation to the square up @ 0.7121.CAUTION: USDX also trying to go down so that would flip this to the upside – if so, look to the 0.7400 area.Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 60 pips.

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Posted to Introduction to Forex Tar... on Feb 02, 2019 — 10:02 AM

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