This is what I see in the Forex the week of May 29th , 2022: USDX, EU,UJ,GU,AU

Note: USDX: Bearish – We are looking to finish a 5th wave to the downside  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 significantly lower than last week. BE SMART – TRADE WITH STOPS!!!!

#EURUSD

What ProAct Traders See:  Bullish: We are currently @ 1.0732 in a channel which is bullish.  With Dollar down, we are looking for a continuation of a 5th wave to the R6 @ 1.0959.  Watch for a reaction there.  Watch the USDX for reversal and direction. The ATR for the pair currently is 99 pips.

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#USDJPY 

What ProAct Traders See: Bearish: We are currently @ 127.12 in a channel.  We have convergence to the downside.  We are looking for a move to the S6 @ 125.23. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 127 pips. 

usdjpy-ws-22.jpg

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#GBPUSD

What ProAct Traders See: Bullish: We are currently @ 1.2631 in a channel and in a 3rd wave.  We have convergence to the upside. We are looking for a move to the R6 @ 1.2764 and maybe to the day chart top @ 1.3000.  Watch the USDX for direction. The average daily true range (ATR) for the pair is 125 pips.

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#AUDUSD 

What ProAct Traders See:  Bullish:  We are currently @ 0.7159.  We are in a channel and expect a move to the R5 @ 0.7207 area and then to the 1.618 Fibo @ 0.7310.  Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 93 pips. 

CAUTION IS URGED – TRADE WITH STOPS!!!!!

audusd-ws-22.jpg

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