REMEMBER: THIS IS BIG PICTURE ONLY – NOT INTRADAY! Please NOTE!!!! This is an opinion only! HOLIDAY IN THE USA Monday!
CLICK ON IMAGES TO ENLARGE
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EURUSD
WHAT ProAct Traders SEE: We have continued to march northward as the Euro continues to strengthen – and we could have a POSSIBLE top in place! We have a rising wedge formed which is bearish and have hit resistance at 1,2706. Might be one last push to the top before the fall so be careful. If the top is in place look for targets down at 1.2305 and 1.2149. We could also bounce on the bottom trendline.
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USDJPY
WHAT ProAct Traders SEE: If the .786 is the bottom then look for an A-B-C wave up. Breaking the trendline will be key to targets north at 90.83 and 93.16. We have had NO assurance that the down move is over so caution is advised.
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EURJPY
WHAT ProAct Traders SEE: We may have a head and shoulders forming on the cross at the .786 Fib. If it finishes the H&S then look for follow through to the 110.89 area with further targets @ the 109.68 area. If not look to finish the double top and bears to arrive there.
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AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: We have had a strong pullback – maybe one more move to the top before bears show up. Should the bulls prevail look for the R6 @ 0.8925.
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EXTREME CAUTION IS URGED – TRADE WITH STOPS!!!!!
BTW – if you want to save the pics, right click and hit “save as”.
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., 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.
