$EURUSD
WHAT ProAct Traders SEE: The market finally broke from the 1.3862 top and immediately rejected any upward ,movement. The cross is sitting just below the S4 at 1.3587 area after breaking the trend line to the south. Expect a pullback to the 1.3637 area to square up and then a move to the downside with a target at 1.3484 interim target ( S5) and the .382 fibo with support in the 1.3434 area. A move back to the top would target the double top @ 1.3862 or a possible head and shoulder pattern could form below that.
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$USDJPY
WHAT ProAct Traders SEE: Cross continues to respect the down trend line and needs to break the 82.63 to establish any up move at all. We got within 25 pips of the bottom before NFP propelled it northward. A break of the 82.63 targets the R4 at 83.26 ( .618 retracement also). A break of that targets the .786 @ 83.76 A break south targets the double bottom @ at 80.93.
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$GBPUSD
WHAT ProAct Traders SEE: Cross was flirting with the top and failing to break moved to the downside. We looking for a move to the Fibo retracements at the .382 @ 1.5933 ( also S5 nearby) and the .500 @ 1.5822. A break up targets the double top again at 1.6292 ( or a possible head and shoulders on a failure to get all the way there before moving down again).
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: Too early to tell. Current pullback could create a bounce or a breakdown. A break up targets the 1.0261 resistance and possible .279 fibo extension. Cross pulled back after taking our theR5 @ 1.0178 A break of the minor trend line targets a move to the support at 1.0081 and could bounce there also. Breaking that, look for the Fibos especially the .618 @ .9973.
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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.
