$EURUSD
WHAT ProAct Traders SEE: We may see a pullback to the 1.2742 (former support) and maybe the 1.2780 unsquared area before resumption of the down move. Targets are 1.2602 and 1.2547 on the downside.
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$USDJPY
WHAT ProAct Traders SEE: Not much of a bounce off the bottom so I would be very cautious with this cross for now. The .382 fibo is the target on the upside but no commitment yet to get there. Need to break 86.00 to get momentum going to the upside. A failure to breaks leaves the double bottom at 84.68 and the 84.00 even number.
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$EURJPY
WHAT ProAct Traders SEE: I wrote last week – “All indicators are pointing to a down move. Next target is the 108.66 ( 6th support) then support again at the 108.25”.
It did that. We have had a pullback to the 109.00 area which leaves the door open to take out the 108.05 support and the double bottom at 107.78. Further downside target is 106.66.
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: We are headed to a critical area on this chart at .8780 ( confluence of a trendline, .382 fibo and strong support) . We should see a bounce here and then a break of this – target the .500 fibo @ .8644 and the 6th support at 86.08.
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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.
