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:
Watch the GBPUSD this week for a bottoming out or another rocker down!
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EURUSD
WHAT I SEE: The EURUSD has continued down even with NFP If it breaks the 1.4590 level that would be significant up. The continuation down could produce a run to the 1.4445 area.
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USDJPY
WHAT I SEE: – The USDJPY continued down to the 88.22 target. The upside resistance is now the 90.61 trendwall (watch the .500 fiba area) . We have continued the clear down trend in place but we now have bounced with a higher low in place. There is a strong support at 88.74 to the downside and breaking the trendwall should produce a run to the R5 92.02.
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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
WHAT I SEE: – The EURJPY has moved to the support at 129.00 area and bounced. We can see a descending wedge forming with a bias to the short side. Look to the 131.00 area ( former Sept 2 close and wedge line) if it breaks south – It needs to break the trendline would expect a bounce here as buyers come back in but there is a S5/S7 target still below. A break of the 129.00 are could produce a run to the S7 125.88 area
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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.
