$EURUSD
WHAT ProAct Traders SEE: The market finally broke the 1.3400 top and has continued it’s quest for the 1.3695 top (DAY CHART RESISTANCE). A break of the .500 fibo retracement ( DAY CHART) confirms a bullish outlook with targets above the 1.3695 at the 1.3744 (.618 fibo retracement) and 1.3855 (R7- 7th resistance). Looking for sellers to come in at the 1.3695 area for a move back to the downside. A strong pullback targets the 1.3412 area.
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$USDJPY
WHAT ProAct Traders SEE: We continue to respect the down trend line and 81.99 ( .618 retracement and S3 3rd support) are the next target @ 81.99. Should see a stall here and then continuation to the 81.36-81.52 are ( S4 and .786) The double bottom is at 80.94. A break north targets the former top at 83.67
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$GBPUSD
WHAT ProAct Traders SEE: We are trying to break the bull flag on the 240 to the upside. Initial target is close at the .786 Fibo @ 1.6093. Upside target above is the 1.6167 resistance and then a double top at 1.6298. A breakdown targets the .500 Resistance (1.5823) and then the 1.5665 support.
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$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 unsuccessful in candles below it. A move to revisit the .618 Fibo after the break of the 4th resistance (R4) looks to be the initial target. Targets above are the .786 and the R5. A breakdown of the trendline targets the support at .9750 but bulls have the upper hand – for now.
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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.
