REMEMBER: THIS IS BIG PICTURE ONLY – NOT INTRADAY! Please NOTE!!!! This is an opinion only!
SPECIAL NOTE:
CLICK ON IMAGES TO ENLARGE
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EURUSD
WHAT I SEE: We have had a strong pullback (unsustainable trend though) and should settle back at the .500 fib for the big decision. A bounce here is bullish for the cross and would lead to a move to the top. A break here should produce a move to the bottom and beyond.
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USDJPY
WHAT I SEE: A look on the day chart shows that we are in a very flat channel. We have hit the top and the sellers are back in control – for now. There are two main areas for Short targets:
- the 92.33 area where we have a confluence of the .382 retracement of that last leg up, the .270 fib extension and the former resistance now support on a 240 chart (92.13)
- Next target is the confluence of the S5, day chart support @ 90.92, the .786 Fibe EXTENSION.
Watch for bounces at each of these levels as well for a move back to the top
EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
WHAT I SEE: -.
The cross is at the 50% retracement of the last leg but cannot find enough buyers to break north. The short term bias is still to the upside but not showing any sign of getting them. If we do get them lookf for the .786 retracement north. A break back south looks to target the 122.00 area ( .270 fib extension,S6m day chart support)
AUDUSD – A great smooth currency for Newbies!
WHAT I SEE: I wrote last week: We have continued the march up despite so many signals saying we will fall. 9237 is a critical area.
It moved up to .9331. We have broken the former downtrend off the day chart and now appears that the Carry Trade is in force ( interest rate differential). Pretty easy to see the target areas north.
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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.
