$EURUSD
WHAT ProAct Traders SEE: A couple of totally different scenarios- so wait and see which develops:
1) A potential head and shoulder is forming. Watch for the break of the neckline to confirm. Targets at 1.3637
2) Cross is working inside a channel that is bullish. Key support areas are 1.3796 Target at 1.4254
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$USDJPY
WHAT ProAct Traders SEE: Nearing the bottom set 04/02/95 @ 79.73. Next target is the 2.618 fib extension @ 81.18.
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$EURJPY
WHAT ProAct Traders SEE: 114.32 is a critical area for determining the next move. A bounce here should create a move to the former top at 115.70. A failure to bounce brings in the downside target then to the 1111.93 area.
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: We pulled back and bounced on the .500 fib. Still bullish on the cross. Next targets .270 fib extension and the R6 is in view.
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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., 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.
