$EURUSD
WHAT ProAct Traders SEE: Currently @1 .4307. The market has completed 4 waves and looking for the 5th wave to the downside. There is a possibility of a move to the .500 Fibo @ 1.4381 before the resumption of the downtrend and then looking for a continuation to the bottom @ 1.4073 and then the 1.270 fib extension @ 1.3906 . The average daily range is currently 183 pips.
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$USDJPY
WHAT ProAct Traders SEE: We have continued the downward slide in a well formed trend. Currently near the .786 Fibo @ the 80.02 . This is definitely in intervention territory. If we get the bounce north @ the .796 Fibo look for a move back to the 80.96 area. A breakdown targets the 79.50 area.
The average daily range is currently 58 pips.
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$GBPUSD
WHAT ProAct Traders SEE: Currently @1 .6180. We look like we may have gotten the bounce to the upside. Looking for the R4 target @ 1.6322. Will see what happens at the .500 fibo @ 1.6259. A breakdown targets the 1.6078. The average daily range is currently 142 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: Currently @1 .6017. We are caught in a large sideways move indicating no true direction for the cross. Will see what it does at the 1.0671 which is the top of the trendline. If it respects it – look for a move back to the .500 area @ 1.0594. A break of the trend line north targets the 1.0851 (R5). The average daily range is currently 129 pips.
