This is what I see in the Forex starting the week of Oct 18th – 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!’
WHAT I SEE: The EURUSD has seen a continuation of the uptrend. Notice the divergence on the MACD and be aware of that potential to the downside. A push higher could bring us up to as high as R6 around 1.5100. If the MACD wins and we see a pull back then we could see the previous support at around 1.4700. Again, as always, confirm with Royal Flush or Wild Cards as entry tools.
WHAT I SEE: – The USDJPY had a move up last week. If the news of the dollar does not hold to the upside then we may very well see a return to the 89.00 area. Strength to the upside could push us up to 92.00 and possible even higher toward 93.00. Always watch for previous support/resistence becoming bounce points as the currency moves in either direction.
EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
WHAT I SEE: – The EURJPY has climbed above the previous high of 135.50 and tested 136.00. It appears to be pulling back a bit at this time and if the run up was all it had then we could fall back to the 130.00 area. To the upside we could see a move, if it clears the 136.00 area again, go upward toward 138.00 or higher.
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.