WHAT ProAct Traders SEE: The market finally broke the 1.3695 top and immediately rejected any upward ,movement. The cross is sitting on the S3 at 1.3600 area after breaking the trend line to the south. Expect a a-b-c correction to the downside with a target at 1.3499 interim target and the .382 fibo with support in the 1.3422 area. A move back to the top would target the double top @ 1.3774.
WHAT ProAct Traders SEE: Cross continues to respect the down trend line and 81.99 ( .618 retracement and S3 3rd support). At the bottom of the channel so could see a corrective bounce before resumption to the downside. A break of this area targets the .786 Fibo @81.52. Should see a stall here and then continuation to the 81.17 ( S4) The double bottom is at 80.86. A break north targets the trend line at 82.98
WHAT ProAct Traders SEE: Failing to break the trend line to the downside we are tentatively looking for a bounce to the upside. Cross is currently inside a pennant and could break either way all the pattern favors the upside move. We are sitting on the .500 fibo from the day chart. Initial target on the upside break is 1.6059 after breaking the R6 and trend line. A breakdown targets the .382 fibo (1.5713) and then the 1.5674 support.
$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: Cross is currently running sideways. We are in a wedge which is bearish for the cross. A move to revisit the bottom @ 0.9800 could provide a bounce point. A break up targets the 1.0154 .786 resistance/fibo.
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.