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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: … Aussie and Kiwi Close in Position to Make New Highs Next Week
Like the Aussie Dollar, the Kiwi or New Zealand Dollar is in a position to make a new high for the year. This market is moving almost lock-step with the stock market. A strong surge in equities next week could launch this currency pair through .6590.
The USD CAD plunged sharply lower this week led by higher oil and equity prices. Currently this currency pair is having trouble with a retracement level at 1.1142. A close below this level could fuel a fast break to the low for the year at 1.0783.
CLICK ON IMAGES TO ENLARGE
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EURUSD
WHAT I SEE: – The US currency remains in a wide and choppy range against the Euro and other key currencies, and it may take a fairly significant shift in financial market risk sentiment to break the dollar from its trading channel. Bias is to start down at this point since we have hit the top of trading range – but no one knows?
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USDJPY
WHAT I SEE: – Japan’s new currency chief openly threatens forex market intervention if the Yen gets too strong. Watch for SPIKES. While it sorts all this out we may see a big ranging market with spikes creating the highs and lows.
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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
Watch the EURUSD for clues to direction here. Currently have had a significant pullback and then consolidation which suggests it will try to move up – BUT since the EURUSD and the USDJPY are key to this…watch those to get clues.
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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.
