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
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EURUSD
1) WHAT I SEE: I wrote last week: Should it falter and break south look to tap the bottom at 1.3551. It did that and went through to the 1.3503. We have taken out the targets down and hit the .618 EXTENSION. Look for a little consolidation and then continuation to the S5 ( 1.3445) and the 1.270 extension at 1.3407.
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USDJPY
WHAT I SEE: – In a week that saw the BOJ “ease” by raising the liquidity available in the banking sector, we saw NADA in the USDJPY. The cross is slowly headed to the upside and if we can get the break of the DAY trendline, should see a move to the R5 91.89, with a higher target of 92.46 ( Resistance)
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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
WHAT I SEE: – A little difficult to get a handle on. We have blown through the downtrend Supply line BUT made a lower high. So two scenarios. Bounce on the downtrend line and continue up to the R6 @ 125.75 or break back into the downtrend with resumption to the 119.59 ( new double bottom) and then lower targets.
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AUDUSD – A great smooth currency for Newbies!
WHAT I SEE: I wrote last week: …. 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.
It did fall but only to the 0.9129 area which keeps the uptrend in tact. If we get a bounce here then look for resumption of the uptrend to the 0.9327 area. If it does break south look for 0.9042 to hold. We may also get a false breakout to the 0.9094 and then a bounce.
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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.
