This is what I see in the Forex starting the week of August 9th – 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 reacted due to NFP and had pulled back to the .618 fibo. Will have to see what it does when it gets to the moving average at 1.4171. Will it bounce or will we get follow through? Support is at 1.4067
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USDJPY
WHAT I SEE: – Huge move for the pair after NFP. R6 – 97.86 is a typical reversal area so will watch this closely. If it reverses look to square up at the 95.89 area which is also the .500 fibo area If it continues north look for a stall at the 98.81 area.
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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
WHAT I SEE: – Watch the EURUSD for clues to direction here. NFP pushed it to the r4 of the current move 138.38 and if we get follow through should see the R5 at 140.27. Watch this level for a pullback to the current level and maybe more to the 137.67 area
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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.
