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$GBPUSD - Pullback

The Cross has taken the upside channel out and has pulled back.  It could have a greater pullback to the 1.6242 as the cross looks for support.  This is NFP week so could be real sluggish. When support comes look for the R5 target (1.6357) to be hit which is also the 1.270 fib extension.  I am looking for the 1.6398 target to get hit.

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Libya Spirals Into Chaos

By James McKee

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$GBPUSD

The Cross has broke to the upside as was expected and took out the R4 target at 1.6205. Breaking through the R4 target gives it a commitment to the 1.6283 Resistance.  A break of that makes way for the R5 target (1.6357)to be hit which is also the 1.270 fib extension.  Looking for a small retracement before the resumption of the uptrend.

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xag break

happened - ee prior post

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

 

$EURUSD

WHAT ProAct Traders SEE:  The market moved within 20 pips of the 1.3861 top and then corrected on Friday.  We can see a very well built channel on the 240 chart and the bottom of that should give support to the cross for another stab at the top.  There is a resistance line @ 1.3911 and then the 1.270 fib extension at 1.3950.  A breakdown of the trend line would find support at the .382 fibo @ 1.3634.

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XAG Silver

XAG

Here is an updated chart – just an opinion.  We are in uncharted waters since the cross has never been this high – so we could still see a pullback to the R5 where XAG has some support.  In the meantime, we have had a 5 leg up and an ABC correction.  If XAG breaks out of the channel to the north look for a movement to the R7 @ 36.28 and then parts higher.  We have extensions all the way up to 52.25.

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$EURJPY

The Cross has finally committed to the downtrend.  Breaking through the S3/.382 Fibo at 112.80 gives it a commitment to the 112.06 Support.  This area also has the .618 fibo and the S4 for multiple confirmation of a target area.  Watch for buyers then at the S4 ( 111.91)

 

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$NZDUSD – wedge

The Cross has built a nices descending wedge  and revisited the (s4) bottom 4 times at  0.7426. A break of the bottom targets the support at 0.7345 and then the 0.7312 (.618 extension) area.  Should the cross break to the north look for sellers at the 0.7486 and 0.7511 area.

 

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$GBPUSD –Top in place?

The Cross has revisited the top of 1.6274 ( there is another high slightly higher at 1.6296) and reacted to the downside.  If this the top then we can expect a move back to the .382 fibo and the S2 around the 1.6164 area.  We could get a bounce there back to the top and then the target would be the 1.6296.  A break of the trend wall targets the .500 fibo and then the 1.6054 area.

 

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$NZDUSD – where will it go now

The Cross reacted strongly on the  Inflation Expectations q/q  announcement and also the earthquake in Christchurch.  The question now is where will it go.  Be cautious because the move last night will have to be squared up sooner or later.  Cross is sitting on the 0.7496 and 0.7486 was support.  There is a great target at the confluence of the 1.270 fib extension and support at 0.7422.  A move to correct this strong move would probably stall at the 0.7538 resistance.

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