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 Euro continues to strengthen – we still have higher highs on the 60 min but due for a correction. Looking to continue to the .786 retracement which is also the resistance – and then possible a move to the south as far as the 1.900 area. Interim targets are the S4 @ 1.2230 (former bottom area) the .270 fib extension and the S5 @ 1.2086.
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USDJPY
WHAT ProAct Traders SEE: We are currently at a double bottom area. Should see buyers entering the market here. In the Big Picture we are in a sideways range near the .618 retracement of the day chart. Will look for the move to bottom at 88.72 and then begin the climb northward to the R4 @ 91.12 with a further target @ the R5 @ 92.51.
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EURJPY
WHAT ProAct Traders SEE: The support @ 113.74 was broken (from the Weekly chart) and this level held on the retracement. We have tested the 110.89 resistance 4 times and it has held each time. Looking for at least another move back to the 109.54 area and then will see if it can break south to the S6 @ 107.12/
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AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: We have broken out of the Bull flag which is bullish for the cross with targets @ (r4) 0.8829 and (r5) 0.8973. We like the 0.8892 target for the next move up.
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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.
