REMEMBER: THIS IS BIG PICTURE ONLY – NOT INTRADAY! Please NOTE!!!! This is an opinion only!
SPECIAL NOTE:
Here is a video on how we analyze the charts – this is the GBPUSD – Enjoy
or Copy and Paste
GBP commentary – other source
EURUSD
1) WHAT I SEE: We are at a critical area. We have had a triple bottom on the cross so we could break north here – let the market tell you first. If not looks like we will continue to fill the wedge. Targets to the upside are R4 – 1.3687 and the R5 at 1.3813. Downside is 1.3430 then 1.3372.
USDJPY
WHAT I SEE: – A good break of the H&S neckline but now we have a strong pullback – due to NFP. Watch for signs here. If it consolidates look for a continued move to the upside then watch the break of the former H&S. If dollar falls continue look to go back to S5 and then Supports to the S6
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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
WHAT I SEE: – I wrote last week: It has now bounced to previous support and the small new trendline. If that holds look for the 119.20-40 area on the downside for target. Did that. We have now broken out of the down trend line up. Look for a pullback to the trendline and then a bounce higher to the Resistance at 122.64 with further targets at 123.45 ( R5) and 125.78 ( R6)
AUDUSD BONUS – A great smooth currency for beginners!
WHAT I SEE: We have broken out of the wedge North with the 1.786 Fibo extension at the R5 target. Look for an initial move there and some consolidation and then a further push to the R6 of the bigger move ( yellow line @ 0.9242).
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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.
