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.
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!
USDX – screaming north right now.
CLICK ON IMAGES TO ENLARGE
WHAT I SEE: The EURUSD has Broken Under the 1.4843 and now is sitting on support at 1.4629. we have a descending wedge which keeps the bias to the downside. Target is the support and S6 at 1.4546 with a further target at 1.4406.
WHAT I SEE: – The USDJPY corrected to the .500 fibo and since has bounced to the interim R4 target at 89.70. Look for a small pullback and the continuation to the 91.00 area where we have strong resistance the R6 of the big move and the R5 of the smaller move.
EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
WHAT I SEE: – The EJ is now tracking north toward the next target at R5 area 132.92 area and a break of that will give us a new target at R6 135.06.
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.