This is what I see in the Forex starting the week of August 2nd – an OPINION ONLY:www.proacttraders.com
I do these three currency pairs because they represent a cross section of the market as a whole – all matching up to possible opportunities on Wild Card, 6 Aces and Royal Flushes (Trending and Elliott Wave) and they represent correlating other currencies.
Example: due to it’s very close correlation the EURUSD will show you what the USDCHF will possibly do going the other way!
This way whatever trader you are you have an idea of what the possibilities might be.
REMEMBER: THIS IS BIG PICTURE ONLY – NOT INTRADAY! Please NOTE!!!! This is an opinion only!
What I see…the currencies MIGHT do next week? NOTE: IF YOU ARE UNSURE – STAY ON THE SIDELINES!’
SPECIAL NOTE: The JP Morgan economist has come out with a forecast of 3% for GDP in the 3rd quarter. Stocks up 27 points on the last day of the month. S & P 988 Nasdaq 1992.
CLICK ON IMAGES TO ENLARGE
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EURUSD
WHAT I SEE: EUR USD is a near critical level to the upside – Previous high at 1.4302. Might get a little consolidation here as it decides to blast through or pullback. Next target up is 1.4388 ( R5 and the 1.270 fib extension). R6 is at 1.4443. It is pulls back look for support at the R3 level 1.4151.
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USDJPY
WHAT I SEE: – We have opened and closed a candle below the trendline after the strong pullback to the 95.90 area. Look for a continuation to the S4 and maybe S5.
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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
WHAT I SEE: – Watch the EURUSD for clues to direction here. Consolidating at the %4 135.12 area. Looks suspiciously like a long bear flag but cannot be sure so WAIT for entry signals for direction. Looking to continue to the 136.56 are (R5) and then to the 138.89 (R6 – usually a reversal area). If the Bear flag prevails look to go to the 133.35 area and then a break south is sustainable.
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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. 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.
