$EURUSD
WHAT ProAct Traders SEE: The market moved back through the correction past the .500 fibo @1.3893. Big reaction to the Earthquake and it remains to be seen what will transpire next week with this. We expect a small pullback to square up near the 1.3861 area and then continued pressure to move to the upper targets. We have confluence near the R4 and 0.786 Fib retracement at 1.3976. There is a top and R6 @ 1.4041 which is a great target for next week. A break of the top targets the R5 @ 1.4128.
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$USDJPY
WHAT ProAct Traders SEE: We have tagged the lower trend line that has been in place since 10.31.2011. Cross continues to stay bearish and has stalled at the S4 @ 81.66. We will expect to see some squaring up of the fast downtrend near the .382 Fib retracement @ 82.29. A break of the down trend line targets the 1.270 fib extension @ 81.22 ( also a support just below it @ 81.14).
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$GBPUSD
WHAT ProAct Traders SEE: Cross has broken out of the up channel but bounced hard @ 1.5978 and has pushed back into the up channel. Appears to be the long overdue correction so a move back to the top looks ripe. Will know more at the .500 fib retracement @ 1.6156. If it can break the 1.6156 to the upside look for a continuation to 1.6211 (R4).
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: Aussie corrected nicely and now looks like it is making a run to the top. Lots of confluence at the R4, Top and R5 with Fibs on each one. It has to break the 1.0150 area for the up move continuance. A break above the 1.0267 would target the R5/1.618 Fib extension @ 1.0349. All pullbacks could be positioning to make a run again at the higher targets since Japan will need lots of rebuilding materials and the Aussies can supply them.
