REMEMBER: THIS IS BIG PICTURE ONLY – NOT INTRADAY! Please NOTE!!!! This is an opinion only!
CLICK ON IMAGES TO ENLARGE
——————————————————————————–
EURUSD
WHAT ProAct Traders SEE: We are approaching the bottom established 10-28-2008 @ 1.2341. There are further Supports from the day chart @ 1.2205, 1.1893 and 1.1639. We are sitting on the S6 established from the 1.300 high (05-05-2010). Look for a bounce at the 1.2341 maybe as high as the .382 @ 1.2640 and then perhaps follow through down to the 1.2205 support. Target is the S8 @ 1.2087.
——————————————————————————–
USDJPY
WHAT ProAct Traders SEE: Pretty choppy stuff. We are still in an uptrend BUT…having a hard time getting anything going. Current retracement has bounced on the .618 Fibo. If we can get any legs there are some nice targets north. Downside risk is the 91.00 bottom or the trendline @ 90.64.
——————————————————————————–
EURJPY
WHAT ProAct Traders SEE: We have a confluence of HSI targets ( S8 of big move and S7 of last leg) laying on top of the 112.00 support form the day chart and the 1.786 Fib extension. Looking for a bounce there and a target even lower at the 1.270 extension @ 109.29.
——————————————————————————–
AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: After taking out the .618 retracement we are stalled at interim support @ 0.8860. Looking for a return to the bottom @ 0.8706 and then continue to the 1.270 extension @ 0.8563 and maybe to the S7 @ 0.8402.
——————————————————————————–
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. We monitor multiple indicators as well as established chart analysis.
There is No “Holy Grail” in trading systems. Do not use our research or any other trading system without proper research on the asset.
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.
