Note: USDX: BULLISH: MACD has convergence for a continued MOVE UP. We are looking for an a-b-c continuation to the 0.500 Fibo for a possible reversal point. 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 slightly higher than last week and are rising due to the USDX. BE SMART - TRADE WITH STOPS!!!! http://proacttraders.com/blog - see website for more images
What ProAct Traders See: Bearish: We are currently @ 1.1178 after a 3rd wave. We have convergence for the downside move on the 60-minute chart. We are looking for an a-b-c continuation to the 0.500 Fibo @ 1.1538 for a possible reversal point. Watch the USDX for direction. The ATR for the pair currently is 88 pips. Note: I used the 360-minute chart to try and get enough candles to see it.