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 have continued to march northward as the dollar continues to strengthen. Looking to continue to the .786 retracement which is also the resistance – R6 of this move. There is resistance also there from the day chart so expect sellers will enter there.
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USDJPY
WHAT ProAct Traders SEE: We have a wedge formed in the EURJPY which is usually a bullish pattern. Additionally, we are sitting on support so would expect a move this week to the 92.98 area with a further target at the 1.270 fib extension at 94.38.
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EURJPY
WHAT ProAct Traders SEE: Looking for completion of the correction at 113.62 for a move back to bottom of the trendline then a break of this targets the .270 fibe extension with further targets sitting at 104.59 (.1.618 Fib extension and support)
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AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: A rising wedge poses a problem for the cross since this is a bearish pattern. Could be over now or go to the .618 fib extension at 0.871 before falling. Look for a move back to the 0.8562 area ( former resistance).
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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.
