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:
The Dow closes early today as the traders start an early weekend with their families. The Dow closed down 154 points. This sent the dollar a bit higher but activity has died down quite a bit. The S & P is down 19 points today. The Nasdaq is down 37.6 points. Oil is down $2.20..
CLICK ON IMAGES TO ENLARGE
——————————————————————————–
EURUSD
WHAT I SEE: The EURUSD has corrected back to the .500 fibo. The bias is bearish technically speaking so we continue to look for opportunities to sell back to the 1.4900 area and then lower to the 1.4727 area if we get follow through.
——————————————————————————–
USDJPY
WHAT I SEE: – The USDJPY continued down to the 85.00 target. We have a very evident set of twins formed which suggests a strong pullback or reversal. Already hit the .500 fibo of the smaller move. Look to see them build a bear flag or continue up to the 88.50 area with support at the 86.50 area. Break of the proposed bear flag should take it down to 86.00 again
——————————————————————————–
EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
WHAT I SEE: – The EJ has a nice set of twins at 127.50 area ( S6) and is due for a pullback. Looks like a bear flag also forming here – time will tell. Bullish should go
——————————————————————————–
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.
