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EURUSD Outlook from Nick Kanger

07/07/10 Here's Nick Kangers (Chief Currency analyst-ProAct Traders) take:  There are 2 charts. Each is showing a reason for a potential strong reversal. Also, on the retracement from the yearly low, price has made an ABC corrective recovery Elliot pattern. Take special note of the 2nd chart.

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EURUSD bounce?

Looking for a bounce at 1.2586 area with a target still the R6 Resistance @ 1.2760

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EURUSD

07/07/10 Has reached the .618 fib extension.  Will expect some consolidation here for a move to the 6th resistance (R6) @ 1.2760.  We have a .750 fib extension as well here.

 

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AudUsd bulls still have it

The bull flag and break of same keeps the bullish targets in place. Look for the 3rd resistance (R3) at 0.8597. should stall there due to even number ( psychological value). The further target is 0.8634.

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Twins arrive early but ready to go

Yesterday, My daughter gave birth to 2 beautiful babies.  They are 5 weeks early but doing well.  Thank you God for these precious gifts.  Nice to be a grandad finally.  They will be in a neo natal unit for the next three weeks.

Scott

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AUDUSD Breakout holds

(07/06) Ozzie is testing the .500 retracment and the R4 @ 0.8549.  A break of this should target the 1.618 fib extension @ 0.8634.  There is also resistance there.

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What ProAct Traders sees in the Forex starting the week of July 4th, 2010 -

REMEMBER: THIS IS BIG PICTURE ONLY - NOT INTRADAY! Please NOTE!!!! This is an opinion only! HOLIDAY IN THE USA Monday!

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EURUSD

WHAT ProAct Traders SEE:  We have continued to march northward as the Euro continues to strengthen – we have stalled at the resistance at 1.2579 and completed an abc wave so are due for a correction.  Looking for a move to the 1.2300 area and then we shall see if the uptrend has any real legs.

 

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EURUSD reacts to NFP

Non Farm Payroll came in at 125K vs. a forecast of 106K which currently has boasted the Euro. The former top was at 1.2669 - will expect seller to be there. Could stop at the .270 fib extension though at 1.2635. Further upside target is the .750 fib extension @ 1,2742.

 

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EURUSD

The EURUSD has broken the .786 retracement AFTER breaking out of the downtrend line.  Should see a pullback since the last move is unsustainable and then the target is the R5 @ 1.2528.  Watch the 1.2500 EVEN NUMBER AREA!

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AUDUSD

Ozzie broke to the S5 0.8469 yesterday and bounced. The failure to retrace to the 0.382 and return to the bottom holds out the bearish sentiment. Looking for the Cross to consolidate since we have Non Farm Payroll this week. However, a break of the S5 targets the .270 fib extension @ 0.8384.

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