REMEMBER: THIS IS BIG PICTURE ONLY – NOT INTRADAY! Please NOTE!!!! This is an opinion only!
Good Read: http://tinyurl.com/35o7pm2
CLICK ON IMAGES TO ENLARGE
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EURUSD
WHAT ProAct Traders SEE: We have a break of the corrective rally below the 1.2300. A break of the S5 @ 1.2265 should produce an initial run to 1.2190 ( support-day). Follow through would target the 1.2071 ( S8) level. Targets below are 1.2032, 1.2000 and 1.1898.
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USDJPY
WHAT ProAct Traders SEE: We are in a slow grind northward on the day chart. Hard to tell if the bottom is truly in as the pair is ranging with big spikes downward. Will see if we can get the breakout of this last down move – poised to do it. If not look for a move back in the range. Targets north are the R5 @ 92.74 and confluence with the fib extensions there and R6 @ 95.07.
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EURJPY
WHAT ProAct Traders SEE: We have a nice bear flag ( bearish) and confluence of HSI targets ( S8 @ 105.94) laying on top of the (-0 .270 Fibo Extension) . Could get a bounce there and a target even lower at the 1.618 extension @ 101.59 and the S9.
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AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: We got the bounce we thought would happen last week but we did miss the .500 fibo retracement- so that is a sign of possible weakness in any further move north. Nice bear flag ( bearish). Looking for a double bottom and a break there targets S8 @ 0.7792.
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EXTREME CAUTION IS URGED – TRADE WITH STOPS!!!!!
BTW – if you want to save the pics, right click and hit “save as”.
IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by ProAct Traders, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. We monitor multiple indicators as well as established chart analysis.
There is No “Holy Grail” in trading systems. Do not use our research or any other trading system without proper research on the asset.
This is an opinion ONLY – and not a trade call, but a study that may lead you to a trade. I do not know whether this will transpire or not so use your own judgment.
