What ProAct Traders sees in the Forex starting the week of November 13th ,2011

$EURUSD

WHAT ProAct Traders SEE: We are currently sitting @ 1.3754. After a major correction we are continuing to build a move northward and are threatening to break out of the established downtrend. We do only have 4 waves built and the logical conclusion sill be that we will do that 5^th wave to the downside. IF that scenario happens look for a move back to the 1.3492 double bottom. If we breakout look to continue to the upside for the .0.618 Fibo @ 1.4004. There is strong resistance @ 1.4070 and the upper Target to the upside is the R6 @ 1.3962. The average daily trading range for the cross currently is 192 pips.

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$USDJPY

WHAT ProAct Traders SEE: We are currently @ 77.12 after giving back 2/3rds of the intervention move. We are bouncing on the .618 Fibo and could see continued downside which would court intervention again. The bounce would seek the R5 target @ 79.32. We are on the sidelines with the exception of the intervention trade that is a pending order, until this gets sorted out. The average daily trading range for the cross currently is 37 pips.

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$GBPUSD

WHAT ProAct Traders SEE: We are currently @ 1.6079 at the top of a downtrend. This trend is way to shallow so the former uptrend may come back in play if it breaks our north. Either way it is a decision place. A break up targets the R7 @ 1.6273 area – look for a reversal there if that happens). A break down targets the 0.786 Fibo @ 1.5747 area. The average daily trading range for the cross currently is 296 pips.

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$AUDUSD – A great smooth currency for Newbie’s!