EURUSD, USDJPY, EURJPY -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!
SPECIAL NOTE:
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EURUSD
WHAT I SEE: Still caught in this range. Currently we have reacted to NFP north so we should see some more follow through to the top of the range. Looking for sellers here for an eventual target in the 1.4200 range and lower. A break of the 1.4485 should give us a move north to the 1.4550 area.
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USDJPY
WHAT I SEE: – The price dipped below the MA @92.53 earlier after the NFP report. This is the second test. Look for profit taking buyers with stops on a move below to 92.28 ( trendwall bottom). Confirmation of a true break comes on a break of the 92.11. This next target level comes in at 91.44 ( S4)
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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
WHAT I SEE: – The EJ has broken the channel north and has taken out the .500 fibo on NFP. But a case can be made that this is only building a bull flag to go again. I would sit on the sidelines until it is clear unless you trade flags. Look to the EURUSD for clues on direction.
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EXTREME CAUTION IS URGED – TRADE WITH STOPS!!!!!
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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.
