$EURUSD
WHAT ProAct Traders SEE: The market is showing a significant Bear Flag on the 240 min chart. Still room to go up to the .382 Fib retracement before turning down. Until this bear flag is broken to the upside we have to consider that this is a short term move in an overall bearish trend. A break of the bear flag to the downside targets the double bottom with the 4.236 fib extension below at 1.3384. The S7 @ 1.3300 is the next target. A break to the upside targets the .500 fib retracement @ 1.3866.
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$USDJPY
WHAT ProAct Traders SEE: We made a move towards the 2.618 and R5 resistance in the 84.00 area. Breaking this to the upside targets the 85.00 area. Downside risk is to the .500 fib retracement @ 82.16. We can expect a bounce there. Currently the market is in a sideways channel which is also bullish for now for the cross. Targets on the upside are the 84.67 (.270 extension) and the 1.618 fib extension at 85080 area.
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$EURJPY
WHAT ProAct Traders SEE: We are at the .786 Fib Retracement and should see sellers entering the market there. We are in a big slightly downward channel so the top should hold it (114.69 area). A break of that targets the R6 at 117.16. Look for the Downside target at the S4 @ 111.89 and a double bottom at 111.12.
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: We have a wedge forming on the 60 minute which is bullish for the cross. The trend line on the bottom held and we have retraced to the .382 fib. Looking for continuation to the upside next week targeting the R5 @ 1.0106. A bounce back down targets the double bottom.
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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.
