$EURUSD
WHAT ProAct Traders SEE: We are currently sitting @ 1.4365 just below the Day chart trendline and the .786 Fibo. A clear head and shoulders has formed with a set of twins and all of that is bearish for the cross from a technical standpoint. 2 scenarios: A bounce to the upside targets the double top @ 1.4537. If the cross respects the .786 and the trend line look for a break of the neckline and a move back to the S5 @ 1.4162. The average daily trading range for the cross currently is 146 pips.
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$USDJPY
WHAT ProAct Traders SEE: We are currently @ 76.99. The cross heart line of the downtrend and we are looking for a move to the former Tsunami area of intervention @ 76.39. The only barrier to this is the 1.618 Fib extension @ 76.61. CAUTION: Intervention may occur any time! The average daily trading range for the cross currently is 66 pips.
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$GBPUSD
WHAT ProAct Traders SEE: We are currently @ 1.6413. The cross finished 5 waves and may be doing an A-B-C correction but we have decisively broken the downtrend. We need to do a little squaring up so looking for an initial move back to the .382 Fibo or more likely the confluence of the S4 and the .500 Fibo. Targets north: look for the 1.270 extension @ 1.6583. The average daily trading range for the cross currently is 131 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: We are currently @ 1.0986 after setting a new high. The cross finished 5 waves and may be doing an A-B-C correction or a bull flag . The target down is the S4 @ 1.0844. A bounce here targets a move back to newer highs. The average daily trading range for the cross currently is 101 pips.
