$EURUSD
WHAT ProAct Traders SEE: The market finally broke the trend line the 1.3547 and put a double bottom in place at 1.3503 ( below the former bottom of 1.3507). The cross is sitting just above the 4th support (S4) at 1.3512 area after breaking the trend line to the south. A pullback has already happened to the 1.3570 area . We are looking for the move to continue to the downside with a target at 1.3434 support and the interim target ( S5) and the .500 fibo in the 1.33368 area.
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$USDJPY
WHAT ProAct Traders SEE: Cross continues to stay bullish on its way to taking out the 84.50 area. Took our R4 target out without much impediment at all. It needs to break the 83.83 resistance ( should see some consolidation in the areas before it) and there is not much to stop it once it does. A break of the 84.48 targets the (R5) @ 84.92. It could square up before the move to bring in some additional bulls.
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$GBPUSD
WHAT ProAct Traders SEE: Cross put a top in at 1.6279 and moved to the downside. It has since taken out the up trend line and the (s4) support at 1.6052. We looking for a move to the Fibo retracement .786 @ 1.5866 ( also S5 nearby) and the support at 1.5850 . The double bottom comes in at 1.5751.
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: Aussie trading in a very large sideways move. We saw a break of the head and shoulder neckline this week and follow through to the (S4) and support at the 0.9954 area. Current pullback could entice sellers to break the support. A break down targets the 0.9889 ..786 fibo. The double bottom comes in at 0.9803.
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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.
