WHAT ProAct Traders SEE: The market moved past the resistance @1.4286 and the upward thrust has continued towards the next resistance @ 1.4482. There is continued pressure to move to the upper trend wall and the R6 @ 1.4626. Should see sellers there for a run at the top again. A break of the 1.4500 targets the top. Look to buy on dips.
WHAT ProAct Traders SEE: So far the interventions have worked but the UJ has had trouble at the 85.53 level. We are sitting on the former R5 @ 84.57 area. If the cross gets legs to the upside look for a move to break the 85.53 level and go to the R5 @ 86.90. A move to the downside targets the former R4 @ 83.24.
WHAT ProAct Traders SEE: Cross has come to the top of the trend wall and has pulled back here to the 1.6008. A bounce here could start the trend back to the upside and the R6 @ 1.6547. We could also have a pullback to the lower trend line so watch for that. A break of the lower trend line to the downside targets the 1.6028 (.786 Fibo).
$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: Aussie continues to set new highs as it broke the former top @ 1.0261. We had a small correction at the 4.236 Fib extension. Cross should continue to have small corrections as it continues to create new highs. A break above the R4 @ 1.0521 would target the R5 @ 1.0665. All pullbacks could be positioning to make a run again at the higher targets since Japan will need lots of rebuilding materials and the Aussies can supply them.
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., www.proacttraders.com 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.