REMEMBER: THIS IS BIG PICTURE ONLY – NOT INTRADAY! Please NOTE!!!! This is an opinion only!
CLICK ON IMAGES TO ENLARGE
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EURUSD
WHAT ProAct Traders SEE: We had a break of the descending wedge as suggested last week. We now appear to have a bear flag which is bearish for the cross. Will look for follow through to the 1.1788 area then a possible bounce before continuing down to the S7 @ 1.1688.
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USDJPY
WHAT ProAct Traders SEE: We have broken out of the correction to the upside and now forming a triangle with targets north at the R5 @ 92.86, the -0.786 fib Extension and the 1.270 fib extension sitting at 94.38 ( also resistance there). They look to be fair targets this week.
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EURJPY
WHAT ProAct Traders SEE: Nice bear flag forming which is bearish for the cross currently at the top of the down trendline. Lots of evenly spaced targets to the downside. Of particular interest is the confluence of the -0.786 fib extension and the support @ 103.59. Lower target is the S9 @ 100.34. A break north would target the S7 @ 116.38.
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AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: We have held at the top of the channel with lower highs. It still remains to be seen of it can hold the beginning of the week. Cross is ranging right now waiting on all the news next week. If it stays bearish looking for a move to the bottom of the channel at the -0.270 fib extension there. A break of the channel targets the S8 @ 0.7792 and the confluence of the fib extensions there. A break north would target the S6 @ 0.8779.
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EXTREME CAUTION IS URGED – TRADE WITH STOPS!!!!!
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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.
