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!
What I see…the currencies MIGHT do next week? NOTE: IF YOU ARE UNSURE – STAY ON THE SIDELINES!’
If the US Dollar Index breaks up and STAYS up – this will be a huge clue for USD crosses in the coming weeks. 75.73 was broken today with NFP – but who knows if that # is real??
Key to dollar crosses? http://wp.me/piiLm-sM
CLICK ON IMAGES TO ENLARGE
WHAT I SEE: The EURUSD has Broken Under the 1.4843. Small correction ( watch for a Bear flag) is due but looks like NFP will get follow through. Next target is the S5 ( also the 0.270 fib extension) with a target below that as 1.4655 with the S6 at 1.4533.
WHAT I SEE: – The USDJPY was the big recipient of the NFP. All the way to the 0.616 Fib extension. Currently an unsusctainable trend do look first for a strong pullback to the 89.00 and then should make the move up to the R6 ( 91.37) then a double top, then the 1.270 fib extension with big targets up at the R7 ( 95.04) area.
EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
WHAT I SEE: – The EJ also was a recipient of the NFP, due to the Yen fall. Look for a pullback to the 133.62 area then a bounce to the 134.98 Resistance. If it gets legs her then target the R7 ( 137.33) area.
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.