$EURUSD
WHAT ProAct Traders SEE: The market has had a 5 wave up movement and is currently above the .618 with the .786 Fib as a possible target north. Due to the 5 waves we can expect an a-b-c wave pullback – remains to be seen if that will happen. The market has taken out the 4.236 Fib extension also giving credence to the pullback or reversal. Checking divergence we have none on this cross currently. If the movement is NOT going to reverse we would expect that a bounce would occur on the trendline and then a double top and possible mover to the 1.4395 R7. Downside risk is to the 1.3785 Bottom.
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$USDJPY
WHAT ProAct Traders SEE: Nearing the bottom set 03/01/95 @ 79.59. We can expect a bounce there. Currently the market is in a descending wedge and to break north would have to break the 81.50 for a target of 82.21 ( upside risk). Downside targets are: 79.88 and 79.59.
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$EURJPY
WHAT ProAct Traders SEE: We are in a uptrend ( nasty looking) but currently sowing a wedge which is Bullish for the cross. Down side risk is to move to the trendline @ 112.82 and bounce to the targets 116.56 and 119.18. We can simply bounce here on the wedge and go to targets. A break of the trendline is bearish for the cross and target is 110.80..
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: We are in the 5th wave up. Fundamentally will we return to parity? We pulled back and may be building a Head and shoulder pattern for a reversal or stay in the channel to the R6 @ 1.0152? We have taken out the 4.236 fib extension to the upside so a pullback is in the cards. We have had divergence on the cross for some time and the pullback may have started a reversal – too early to tell. A break of the neckline has a target of 0.9539.
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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.
