$EURUSD
WHAT ProAct Traders SEE: We are currently sitting @ 1.3523 on the day chart bottom. The set of twins confirms a bounce. A break of the .618 Fibo will confirm a move to the upside. Targets to the upside are the .500 Fibo @ 1.3592 and a break of the trend line look for the R5 @ 1.3763. a failure to break look for another double bottom. The average daily trading range for the cross currently is 190 pips.
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$USDJPY
WHAT ProAct Traders SEE: We are currently @ 76.62 after another bounce to start the uptrend in the cross . The cross is still bearish with targets down at 75.62 and 75.54. A break of the down trend line targets the .618 Fibo @ 77.19. Sitting on the sidelines until this gets sorted out. The average daily trading range for the cross currently is 62 pips.
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$GBPUSD
WHAT ProAct Traders SEE: We are currently @ 1.5489 with a set of twins on the day chart indicating the bounce. Normally we would view the current pattern as a bear flag (which it still may be) but the twins indicate the start of an uptrend but is too early to tell. We are using a larger set of Fibs due to this possibility. Looking for an initial run to the .382 Fibo @ 1.5619 ( which confirms the uptrend) and a break of that look for the .500 Fibo @ 1.5709 then the R6 @ 1.5942. A break down confirming that it is in actuality a bear flag targets the .270 fibo @ 1.5128 .The average daily trading range for the cross currently is 157 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: We are currently @ .9768 after putting in a bottom @ .9670 ( strong support and a set of twins confirm). We are bullish and looking for a slow move to the upside and once above .9813 it is bullish. The target up on the break is the .382 Fibo @ 1.0064 and then the R6@ 1.0279. A breakdown targets a move back to the .9670. The average daily trading range for the cross currently is 211 pips.
