$EURUSD
WHAT ProAct Traders SEE: The market moved within 20 pips of the 1.3861 top and then corrected on Friday. We can see a very well built channel on the 240 chart and the bottom of that should give support to the cross for another stab at the top. There is a resistance line @ 1.3911 and then the 1.270 fib extension at 1.3950. A breakdown of the trend line would find support at the .382 fibo @ 1.3634.
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$USDJPY
WHAT ProAct Traders SEE: Cross continues to stay bearish and currently sitting on a trend line and the S5 @ 81.64. A breakdown targets the 80.98-92 area where there is support. A break of that targets the 1.270 fib extension @ 80.39. Look for possible bounce first back to the 82.20 which is the .382 fibo as the cross looks for sellers.
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$GBPUSD
WHAT ProAct Traders SEE: Cross has pulled back from the top but has bounced on the .786 fibo @ 1.6032 continues which is a bullish sign. If it can break the .500 fibo to the upside look for a continuation back to the top @ 1.6283. A break here targets the confluence of the R5 and 1.270 Fib extension @ 1.6357. Further targets are the 1.6464. A breakdown targets the double bottom @ 1.5967.
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: Aussie trading in a sideways channel currently to the upside. We are at the R5 @ 1.0185 near the top so watch for a pullback before resumption of the uptrend to the 1.0256 Resistance ( top). A break of that targets the 1.0421 BUT this is an extreme level for the cross so watch for a pullback into the sideways range.
