$EURUSD
WHAT ProAct Traders SEE: The market is testing the 1.3400 top for the 6th time and pulled back. A break of this line confirms a bullish outlook with targets at the 1.3560 and 1.3636 resistance. Fundamentals in Europe are not good so a bearish bias still remains in place. A Retracement should bring it back into the .500 fibo range at 1.3165. Lots of confluence at the 1.2998 area (.786 Fibo and Support) and a break of that is would put a double bottom in place at the 1.2865.
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$USDJPY
WHAT ProAct Traders SEE: We are in a big sideways move on the day chart with a top at 85.50 and a bottom at 80.92. A nice turn just below the neckline of the head and shoulder is trying to confirm the bears are here but having such a hard time that we cannot rule out bulls still have control. A break north target is the 1.0090 ( .618 fibo and resistance). Downside targets are the 0.9781 and then 0.9716.
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$EURJPY
WHAT ProAct Traders SEE: We have broken through the interim top at 110.24, hooked back and bounced above the R5 resistance indicating the bulls have control. But, it could also be a rising wedge so will have to be cautious. Upside target is the 112.20 Resistance ( also the .270 fibo extension) at 107.20 and then the R6 at 113.00. Bears are eyeing the .618 retracement which is the R3 of the up move.
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: We are bouncing on the bullish trend line on the day chart. Bears have been successful in putting multiple candles below it but not much follow through so a run back to the upside is very possible. have a top in place after a 5 wave move up. Looking for an a-b-c correction to the downside with the “a” in place. Looking to sell rallies to the S5 ( 5th support) at 0.9878 and the support at 0.9838. A break of that targets the .9697 .786 Fibo and the S6 Support at 0.9697.
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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.
