What ProAct Traders sees in the Forex starting the week of April 17th,2011

 

$EURUSD

WHAT ProAct Traders SEE:  The upward thrust has continued towards the next resistance   @ 1.4485 and the R8 target.  There is continued pressure to move to the upper trend wall and the 1.270 Fib extension @ 1.4644.  A break of the 1.4644 targets the top of the trend.  Look to buy on dips.

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$USDJPY                                        

WHAT ProAct Traders SEE:  We are in a large sideways move on the day chart and an uptrend on the 240 min. We are sitting on the .500 fibo @ 83.09 area. If the cross gets legs to the upside look for a move to break the 85.48 level and go to the R6 @ 86.60. 

 

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$GBPUSD

WHAT ProAct Traders SEE:  Cross has come to the top of the trend wall and has pulled back here to the 1.6296 at the .382 fibo.  A break here targets the S4 @ 1.6196 and the lower trend line.  Look for buyers to come back in here.  A break of the lower trend line to the downside targets the 1.6100  area

 

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$AUDUSD – A great smooth currency for Newbie’s!

WHAT ProAct Traders SEE:  Aussie continues to set new highs as it broke the former top @ 1.0435.  We had a small correction and is now testing the new high @ 1.0581.  Cross should continue to have small corrections as it continues to create new highs.   A break above the 1.0582 would target the R7 @ 1.0695. All pullbacks should be considered buying opportunities.

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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.