$EURUSD
WHAT ProAct Traders SEE: The market is showing continuous Bull signs even though it is working in a nice down channel. Currently a bear flag on the 240 min showing signs of at least an initial thrust to the upside. Still the cross has not broken the trend line to the upside and a case can be made for a descending wedge to the downside. A break to the upside targets the R6 and .500 fibo @ 1.3631. A break of the wedge targets a move to the downside targets and double bottom at the 1.300 area. Waiting for more info from the cross.
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$USDJPY
WHAT ProAct Traders SEE: We are making a move towards breaking the bull flag to the upside but not much room to the top. It has respected this top now four times and this would make the 3rd pass at it. The 4.236 Fib Extension and R5 resistance in the 86.11 area would be the target if we get the break north. Downside targets are back to the double bottom at 82.34 and there are significant support at the 82.57 and 82.35 area. We can expect a bounce there as the cross is truly ranging in a sideways move.
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$EURJPY
WHAT ProAct Traders SEE: We have returned to the consolidation area at 111.05 and are building a little wedge. The trend is down but the cross has really been fighting that move and the result is consolidation. The rising wedge give credence to another move northward – maybe as high as the R5 and .618 fibo @ 112.11 and then a break of that targets the .786 fib at 113.57.. A break of the wedge down targets the double bottom at 108.34 .
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: We are building an ascending wedge and taken out the .500 fib retracement. Not very pretty. The .370 fib extension looks enticing to the upside at 1.0077 with resistance just above it at 1.0091. HOWEVER – this could actually end up being an ugly bear flag so the targets down are the .9705 (.618 retracement) and the double bottom. We have broken south of the trend wall on the daily so the downside holds the bias. As in the EU we need more information.
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EXTREME CAUTION IS URGED – TRADE WITH STOPS!!!!!
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., www.proacttraders.com 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.
