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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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$GBPUSD- Ascending wedge

The cross (currently @ 1.6349) has built a wedge in the uptrend which is bullish for the cross. So far it has been unable to break though the R3 @ 1.6371.  If we break to the upside look for the 1.6386 Resistance and a move to the top @ 1.6429. A breakdown targets the 1.6293 support.

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$GBPUSD- Breakout Possibilities

The cross (currently @ 1.6318) has respected the uptrend but was unable to break though the channel top during the London session.  It is now flirting with the bottom of the trend line.  A breakdown targets the 1.6250 support and then the S4 target @ 1.6194. If we break to the upside look for the 1.6386 Resistance and a move to the top @ 1.6427.

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$USDJPY- Breakout

The cross has broken through the single line trend line to the upside and headed towards the R3 target @ 84.91. There is a 1.618 Fib Extension just above that target also.  A break here targets the top @ 85.53.  If we break down look for the 83.55 area.

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$EURUSD- Breakout

The cross (currently @ 1.4495) has broken through the resistance (1.4477) to the upside and headed towards the R5 target @ 1.4621. There is not much to stop it in route to the confluence of a resistance the 2.618 Fib extension and the R5 all within a few pips of each other

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$EURJPY- critical area

The cross has broken through the support to the downside and headed towards the S3 first target @ 121.89. Currently @ 122.13 as it nears the critical trend line.  Should it break down it should go to the 121.32 (.500 Fibo) as the next target.  The next target down is the S4 @ 121.00.  A bounce at the Trend line targets the 1.270 Fib Extension @ 124.41.

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What ProAct Traders sees in the Forex starting the week of April 10th,2011 –

 

$EURUSD

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.

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$USDCHF- Breakdown

The cross has broken through the trend line to the downside and taken out our first target (S4 @ 0.9108) after the breakdown.  Currently @ 0.9139.  Should go to the 0.9091 support as the next target.  The overall target is the 0.8917 double bottom.  Look for a stall there.

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