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:
Central banks lead subtle shift away from dollar
http://www.reuters.com/article/ousivMolt/idUSTRE5A25KO20091103
CLICK ON IMAGES TO ENLARGE
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EURUSD
WHAT I SEE: The EURUSD has continued to be choppy with no clear direction. To top it off we have conflicting patterns – a Rising Wedge ( bearish) and a sideways move after an up move ( bullish). Look for a pullback at the S5 1.5000 area. There is strong support a little lower at 1.4724.
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USDJPY
WHAT I SEE: – The USDJPY continued down to the 90.01 S4 target. The upside resistance is now the 90.90 resistance . If that holds look for a fall. There is a strong support at 88.57 to the downside and maybe the 88.00. Watch the Stock market USA for clues.
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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
WHAT I SEE: – We wrote this last week: What goes up must come down. The EURJPY has moved to the S6 support from the big up move at 132.39 area and stalled. A clear head and shoulders is visible which suggest this is just the start of a move down. A Bounce will probably only mean it is building a descending wedge to attract more sellers. Look to the 131.00 area ( former Sept 2 close) if it breaks south .
It did this exactly – moving to the 131.oo EXACTLY. Pretty choppy now as it takes it’s clues form the EURO. But we have a triangle ( bearish) and fib extension targets as well as the S7 at 128.64.
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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.
