What ProAct Traders sees in the Forex starting the week of March 27th,2011

 

$EURUSD

WHAT ProAct Traders SEE:  The market moved close to the top and the resistance @1.4278 .  The pullback has come down to the .500 Fibo @ 1.4058.. There is continued pressure to move to the lower trend wall and .618 Fibo @ 1.4013.  Should see buyers there for a run at the top again.  A break of the trend wall targets the 1.3861.

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$USDJPY                                        

WHAT ProAct Traders SEE:  So far the interventions have worked and the yen has stabilized.  Unfortunately, all the YEN traders are now jittery about taking positions in the cross.  We are sitting on the former low before the catastrophe. We are using that as the basis for any analysis since the lower moves were not technical reactions.  If the cross gets leg to the upside look for a move back to the R3 @ 82.24.  A move to the downside targets the former technical low @ 80.80.   We are on the sidelines on the yen crosses for now.

 

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$GBPUSD

WHAT ProAct Traders SEE:  Cross has come to the bottom of the trend wall and has printed a set of twins here @ 1.6008.  A bounce here could start the trend back to the upside and the Fib retracements from the 1.6417-1.5977 swing high/low. Initial target to the upside is the R3 @ 1.6154. Overall target is back to the R5 2 1.6386.  A break to the downside targets the 1.5912.

 

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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 @ 1.0261.  We have seen virtually new correction so a move back down to the 1.0261 and /or the .382 Fibo @ 1.0070 certainly is in the mix. A break above the R6 @ 1.0318 would target the 1.270 Fib extension @ 1.0454. 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.

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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.