WHAT ProAct Traders SEE: The market moved back through the resistance @1.4048 to the 1.270 fibo @1.4182 and the resistance that is also there. We hit the top of the channel so will expect a pullback which should be opportunities to buy on dips. There is continued pressure to move to the upper targets. is a top @ 1.4289 and the R6 is @ 1.4362 which is a great target for next week.
WHAT ProAct Traders SEE: Remains to be seen whether the intervention will work – at least this one has the help of the US Fed. We have tagged the S3 on the pullback and we may find support here or perhaps lower to the .382 Fibo @ 80.27. Cross continues to stay bearish. We will expect to see some squaring up of the fast up trend (intervention) near the S4 @ 79.75. A break of the down trend line targets the S5 bottom @ 78.23. If the cross get leg to the upside look for a move back to the 83.32.
WHAT ProAct Traders SEE: Cross has broken out of the channel and cleared the R4 @ 1.6217 and appears to be through with the correction so a move back to the top looks ripe. Lots to stop it in the 1.6341 area (1.270 fib@ 1.6338, R5 @ 1.6358). If it can break the 1.6400 to the upside look for a continuation to 1.6591 (R6).
$AUDUSD – A great smooth currency for Newbie’s!
WHAT ProAct Traders SEE: Aussie corrected nicely and bounce at the bottom at 0.9759 and now looks like it is making a run to the top. It is actually in a large sideways move on a day chart. It has to break the .9986 area for the up move continuance. A break above the 1.0159 would target the top again @ 1.0256. 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!!!!!
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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.