This is what I see in the Forex starting the week of July 5th – 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: …
ISM Non Manufacturing Index comes in better than expected
Posted: 06 Jul 2009 07:06 AM PDT
ISM Non Manufacturing comes in at 47.0 vs 44.0 in May.
Employment 43.4 vs 39.0 last month
New Orders 48.6 vs 44.4 last month
Prices Pai53.7 vs 46.9 last month
Overall the index came in better than expected. The index below 50 remains in a contraction mode, but it is climbing off the bottom.
Since the index compares one month to the next, the level of the components are from that perspective. If survey repondents see improvement from one month to the next, the index will go up. It is not neccesarily comparable to a period in the past when the index was at a similar level.Courtesy of Greg Michalowski FXDD Chief Strategist
CLICK ON IMAGES TO ENLARGE
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EURUSD
WHAT I SEE: – It appears that we are in a retracement of the 5th wave. Look for a bounce off the former support at 1.3950 for continuation to the 1.3819 support.
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USDJPY
WHAT I SEE: – We have had a bear flag break but the targets are so close it is best to stay on the sidelines and see if we get the bounce at 94.00
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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
A move south should stall at 131.45 area – with further multiple targets at the 131.00 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.
