This is what I see in the Forex starting the week of Sept 27th – 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.
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!’
Watch the GBPUSD this week for a bottoming out or another rocker down!
CLICK ON IMAGES TO ENLARGE
WHAT I SEE: The EURUSD has created a Bull flag which may end up being the left shoulde and head of a head and shoulder pattern. That would mean one more smaller up move. Since the TREND IS YOUR FRIEND TILL IT BENDS – it has bent! If it breaks the 1.4590 level it could produce a run to the 1.4233 area.
WHAT I SEE: – The USDJPY continued down past the 90.22 target – this is now the upside resistance . We have continued the clear down trend in place and broke the descending wedge. There is a strong support at 88.59 from the day chart channel. If we continue south look for a move to the S7 at 87.94.
EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
WHAT I SEE: – The EURJPY has moved to the support at 132.00 area. I look for at least a small bounce here ( it could be over also). Look to the 131.00 area ( former Sept 2 close) if it breaks south – I would expect a bounce here as buyers come back in but there is a S7 target still below. A break of the 131.00 are could produce a run to the S6 129.40
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.