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 form Last week – Enjoy
EURUSD
1) WHAT I SEE: Building a nice Ascending wedge so we are looking for a continuation of the upside – first to the 0.270 extension and then further to the R5 and 0.618 extension area. Should it falter and break south look to tap the bottom at 1.3551
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USDJPY
WHAT I SEE: – A good break of the trendline should produce a move to the S3 @ 89.68. If dollar falls continue look to go back to S4 and then Supports to the S5. A break higher would target the 92.13 area
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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
WHAT I SEE: – I wrote last week: 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) . It did that and continued to the 0.270 fib. Looking now for a move to the R6@ 125.78 and topping out around the 1.628-1.786 Fibo.
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AUDUSD – A great smooth currency for beginners!
WHAT I SEE: I wrote last week: ….then a further push to the R6 of the bigger move ( yellow line @ 0.9242). did that and continued higher. We have now topped at the .786 Fib retracement and if that holds look for a move down as far as the S4 @ 0.8962. Of course, the move could just keep on going as typical of the AUSSIE and take out the top at 0.9337
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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.
