$EURUSD
WHAT ProAct Traders SEE: We are currently sitting @ 1.3396 just below the day chart bottom @ 1.3430. A break of 1.3360 ( Day chart support will confirm a continued move to the downside. Targets to the downside are the -.270 Fibo extension @ 1.3275 and ultimately the -.618 Fibo extension @ 1.3131. On a bounce ( this is a big move for the cross so could happen anytime) look to go back to the 1.3592 area. The average daily trading range for the cross currently is 180 pips.
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$USDJPY
WHAT ProAct Traders SEE: We are currently @ 77.14 after another bounce to MAYBE start the uptrend in the cross . The BOJ has amassed a war chest to counter and increase in the Yen (http://tinyurl.com/3qmexgm). The cross is still bearish under 78.07. A break of the bottom targets the S7 @ 75.62. Any move above 78.07 targets the (S6) 79.16. Sitting on the sidelines until this gets sorted out. The average daily trading range for the cross currently is 66 pips.
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$GBPUSD
WHAT ProAct Traders SEE: We are currently @ 1.5591. WE have definitively broken the down trend line to the upside and have a large rectangle formed which is bullish for the cross. A break of the R5 @ 1.5719 will confirm that direction for the week (most likely). Still I see a lot of bears in the mix so not ruling out a run back to the bottom – this is a tough one to call. Looking for an initial run to the 1.5777 ( which confirms the uptrend) and maybe to the 1.5900 area and a break of that look for the R6 @ 1.5951. A break down @ the .618 Fibo targets the 1.5343 .The average daily trading range for the cross currently is 155 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: We are currently @ .9676 after breaking the bottom. We are bearish and looking for a move to the S7 and -.270 Fibo extension @ 0.9412. This is a huge downside move for the cross so a bounce could happen anytime. Still with a descending wedge in play the downside looks like it could be reality. The target up on a bounce is the .382 Fibo @ .9919 and then the .500 Fibo@ 1.0022. The average daily trading range for the cross currently is 215 pips.
