This is what I see in the Forex starting the week of July 12th – an OPINION ONLY:
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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: … As per prior post ( click here) , the EURGBP was able to move up to test the MA at the 0.8623 level (high 0.8611). I would expect selling against the level now with stop buying on a move above.
CLICK ON IMAGES TO ENLARGE
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EURUSD
WHAT I SEE: – Ww have broken out of the pennant and may be looking at a bull bounce but it sure looks like a bear flag on smaller compressions so there may be another run to the bottom. Let it reveal itself before just jumping in. If the move stays intact north look to take profit at the 1.4200 area – confluence of the R5 and double top.
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USDJPY
WHAT I SEE: – As long as we stay under the MA’s we should see a movement to complete the targets. The cross is respecting both sets of HSI targets as it moves so use them both. Target is 90.80 area.
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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
We are trying to complete a 5 wave movement down that is pretty ugly – that may give us a triple bottom or break of the 127.00 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.
