$EURUSD
WHAT ProAct Traders SEE: The market is showing continuous Bear signs. Currently a small bear flag on the 60 min after the breakout of the descending wedge down to the .270 Fib Extension. Still room to go up to the .618 Fib extension. A break to the upside targets the S5 @ 1.3410. A break of the bear flag to the downside targets the 2.618 fib extension below at 1.2979. There has been no appreciable retracement on the cross so watch for bounces at each level.
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$USDJPY
WHAT ProAct Traders SEE: We are making a move towards the 4.236 Fib Extension and R6 resistance in the 86.35 area. Breaking The R5 and 2.618 Fib extension could be the key to the upside targets. Downside risk is to the .382 fib retracement @ 82.73. We can expect a bounce there.
$EURJPY
WHAT ProAct Traders SEE: We have returned to the bottom of the channel and are at the S5 support. A break of the channel targets the 1.618 fib extension and then the S6 at 108.86.
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: We have broken out of the descending wedge and taken out the .270 fib extension. The S6 is just below and we could see a bounce there. A strong bounce favors a return to the trend line but a weak one favors the continuation to the .618 fib extension.
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EXTREME CAUTION IS URGED – TRADE WITH STOPS!!!!!
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., www.proacttraders.com 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.
