$EURUSD
WHAT ProAct Traders SEE: We are currently sitting @ 1.4286 after a bounce at the 1.4000 area. The commitment to this uptrend is just not there yet so am hesitant to feel strongly about it yet. It could just as easily be a bear flag for a move to the downside. That being said the cross still has great targets to the upside – namely the .382 ( R5) @ 1.4343, the .500 fibo @ 1.4458 and the .618 Fibo also the R6 @ 1.4573. There is an un-squared candle @ 1.4754 as an overall target but also a rising wedge on the 60 min (bearish). Should it end up a bear flag look for the bottom @ 1.3951. The average daily trading range for the cross currently is 152 pips.
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$USDJPY
WHAT ProAct Traders SEE: AS we thought last week – this was a bear flag and now broken. We are currently @ 80.86 on the 1.618 Fib extension and the S3. Looking for follow-through to the S4 @ 79.93 (2.618 Fibo extension). A breakdown targets the return to the S5 @ 78.44.The average daily trading range for the cross currently is 63 pips.
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$GBPUSD
WHAT ProAct Traders SEE: We have continued to the upside but in an unsustainable trend and near the top of that trend so will expect a pull back or consolidation @ the 2.618 fib extension before the advance to the R6 @ 1.6671. The average daily trading range for the cross currently is 141 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: Aussie has broken out of the bear flag to the upside. Currently @ 1.0693 but testing the .500 Fibo @ 1.0728 for a break to the upside. The sideways move now targets the R5 @ 1.0817 and then the R6 @ 1.1050. The average daily trading range for the cross currently is 122 pips.
