$EURUSD
WHAT ProAct Traders SEE: The market is trying to break the 1.2910 support in a 3rd wave down. Currently sitting on the support level and showing signs of at least an initial thrust to the downside and the S6 ( 6th support). We cannot rule out a move to the upside first before a move down however since we have seen no retracement on this down move to speak of . A bounce would take it back to the S5 at 1.3057 before resumption of the down move. Lots of confluence at the 1.2785 area and a break of that is significant. The downside targets are the double bottom at the 1.2581 area and the 1.2447.
——————————————————————————–
$USDJPY
WHAT ProAct Traders SEE: A nice turn just below the .786 fibo which could signal the move down. Not clear yet whether that is in place so any move that breaks the 84.50 should negate any bearish stance. Downside targets are the S4 at 82.13 and then back to the double bottom at 80.93.
——————————————————————————–
$EURJPY
WHAT ProAct Traders SEE: We sitting on support at 107.20 have broken the .786 fibo to the downside. The trend is down and that targets the S6 (105.99) and the double bottom at 105.46.
——————————————————————————–
$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: We 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.
——————————————————————————–
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.
