$EURUSD
WHAT ProAct Traders SEE: The market is in a sideways move. Currently sitting on the .618 fib retracement level and on strong support at the 1.3151 area showing signs of at least an initial thrust to the downside. We cannot rule out a move to the top before a continuation move down however. The cross has broken the trend line to the downside (finished an ABC correction) and a case can be made that the first leg downside is under way. The downside targets are the double bottom at the 1.300 area and the 1.2893. A break of that targets the S7 at 1.2516.
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$USDJPY
WHAT ProAct Traders SEE: A nice ascending wedge in play and a bull flag to the upside but not much room to the top. It has respected this top now six times and this would make the 7th pass at it. The R5 resistance in the 86.11 area would be the initial target if we get the break north. Downside targets are back to the double bottom at 82.34. Upper target is the 88.44 R6 target with two major resistances to break through ( 87.37, 88.12).
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$EURJPY
WHAT ProAct Traders SEE: We have a clear break of the head and shoulders neckline and the S3 support @ 110.75to the downside. The trend is down and that targets the S4 and .618 fib at 109.86 initially. A break of the S4 down targets the double bottom and S5 at 108.42 .
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: We have a head and shoulder on both the week and the 240 min. chart and have flirted with the break of the neckline on the 240. An initial move down targets the support and S5 at .9663. A break of that targets the .9421 – S6 Support and 2.618 fib extension.
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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.
