This is what I see in the Forex starting the week of Nov 15th – an OPINION ONLY: www.proacttraders.com
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:
http://www.dailyfx.com/story/currency/jpy_fundamentals/Japanese_Yen_Relinquishes_its_Top_1255737611367.html
CLICK ON IMAGES TO ENLARGE
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EURUSD
WHAT I SEE: The EURUSD has retraced 50% off of the 1.5049 top and now looks poised for anther run higher. First Target is the 1.5000 area then the 1.5100 area. Let’s see if they keep selling the dollar.
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USDJPY
WHAT I SEE: – The USDJPY continued down to the 89.50 target. We have a very evident descending wedge which is bearish. A break of the edge should produce a move to the 89.00 area and then further move to the S5 at 88.57.
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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
WHAT I SEE: – The EJ is stuck in a big sideways move. Until it breaks one way or the other, traders can trade bounces of the extremes. Clues to the breakout will probably come from the UERUSD.
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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.
