REMEMBER: THIS IS BIG PICTURE ONLY – NOT INTRADAY! Please NOTE!!!! This is an opinion only!
CLICK ON IMAGES TO ENLARGE
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EURUSD
WHAT ProAct Traders SEE: We have a head and shoulders pattern in a downtrend. If we can break the trendline around 1.2550 ( strong Psychological number) , there are Supports from the day chart @ 1.2440, 1.2305 and 1.2151 ( S5). Target is the S6 shown @ 1.2063.
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USDJPY
WHAT ProAct Traders SEE: We have a triple bottom now. We are still in an uptrend BUT…having a hard time getting anything going. If we can get any legs there are some nice targets north ( R5 @ 91.92 and a big target @ 94.25. Downside risk is the 88.97 bottom or the trendline @ 88.85.
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EURJPY
WHAT ProAct Traders SEE: We have a descending wedge ( bearish) and confluence of HSI targets ( S8 of) laying on top of the 109.50 ( .270 Fibo Extension) . Could get a bounce there and a target even lower at the 1.618 extension @ 101.59.
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AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: This is a huge fall for the cross. It has retraced to the .382 retracement on the day chart and since this trend is unsustainable would expect a bounce or consolidation here to get a more sustainable trend slope. Look for a fall back to the .382 @ 0.8129 and then further targets are the S9 @0.7792 and the .500 fibo @ 0.7700.
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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.
