REMEMBER: THIS IS BIG PICTURE ONLY – NOT INTRADAY! Please NOTE!!!! This is an opinion only! CLICK ON IMAGES TO ENLARGE
Note: Markets are strange – when was the last time the USDCHF and the EURUSD were going in the same direction??
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$EURUSD
WHAT ProAct Traders SEE: We see a nice bear flag that is forming on the cross which continues to be bearish. If the flag holds below the 1.2930. Further targets are at 1.2604-8, 1,2500 and 1.2367. The upside risk is to the 1.3008 area
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$USDJPY
WHAT ProAct Traders SEE: The next low is from the Month Chart at 79.73. Market is at an extreme and looking for any reason to buy on pullbacks. Critical area is a break of the down trendline probably around the 84.80 area. If a break occurs look for a move to the 86.00 area.
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$EURJPY
WHAT ProAct Traders SEE: We have a triangle forming on the cross which is bearish and we are at the top and at the .500 fibo so should get a reaction pretty quick. Upside risk is top the .618 fibo at 110.63. Target is initially the double bottom then the S7 at 105.00.
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: I wrote last week “…Break of the 0.9005 should produce a run to the 0.9149 area. Did that. We have a pretty strong uptrend forming and look to see that continue with a double top initial target and then the 0.9670.
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EXTREME CAUTION IS URGED – TRADE WITH STOPS!!!!!
BTW – if you want to save the pics, right click and hit “save as”.
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.
