What ProAct Traders sees in the Forex starting the week of Nov 14th, 2010 – http://wp.me/piiLm-N0
$EURUSD
WHAT ProAct Traders SEE: The market is in a short term bearish bias. We are sitting on the .382 fib retracement (day chart). We expect the current correction to reach the .500 Fibo and then bounce back to the bullish side. The 50% fibo is at 1.3442 and would expect the market to at least tag that picking up lots of buyers here although there are great targets near the 1.3300 area. Upside risk is a break of the 1.3777 to the 1.3836 (.382)
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$USDJPY
WHAT ProAct Traders SEE: We made a move towards the bottom set 04/04/95 @ 78.78 and the market will be real skittish at this level and we should find lots of buyers coming in. We can expect a bounce there. Currently the market is in a small triangle which is also bullish for now for the cross. Targets on the upside are the 83.44 (.618 Retracement) and the R5 at 84.06 area. Downside should break to the 79.78 area.
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$EURJPY
WHAT ProAct Traders SEE: We are at a critical area for the cross. A break to the upside targets the 114.00 area. If we stay in the wedge then look for a move to the 270 Fib extension. Look for clues on the EURUSD.
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: We have broken the trendline on the bottom so will look for continuance to the s5 then the .786 fib with a double bottom after that. A bounce back into the trend up targets the 1.0012 area.
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EXTREME CAUTION IS URGED – TRADE WITH STOPS!!!!!
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., www.proacttraders.com 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.
