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$EURUSD -

We have reached the top of the channel so will expect a pullback here to the .382 and then a go at the Upper target at 1.3204-36.

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$AUDUSD Fib Target-

As long as the cross stays above 0.9342 the (4.236) Fib extension is a viable target at 0.9470. Upper target at 0.9500.  A breach of the 0.9342 targets the .500 fibo at 0.9278

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$EURUSD Short

EURUSD is sitting near the top of the last swing high ia a large bear flag.  Both are bearish for the cross.

Immediate target is 1.2724 to the downside with a further target at 1.2603.  Upper target at 1.2957.

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$GBPUSD Short -

Cable is sitting inside a wedge with support @ 1.5349. We have a nice target at 1.5303 and further target at the
S5 @1.5159.

 

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What ProAct Traders sees in the Forex starting the week of September 12, 2010 -

What ProAct Traders sees in the Forex starting the week of September 12, 2010 -

REMEMBER: THIS IS BIG PICTURE ONLY - NOT INTRADAY! Please NOTE!!!! This is an opinion only!  CLICK ON IMAGES TO ENLARGE

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$EURUSD

WHAT ProAct Traders SEE:  We have broken the bear flag on the cross which continues to be bearish.  Currently sitting on support at 1.2686.  Further targets are at 1.2603, 1,2500 and 1.2462.  The upside risk is to the 1.3024 area.

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$GBPUSD Short

CAble is sitting on support ( S3) @ 1.5394. We have a nice target at 1.5302 and further target at the S5 @1.5158.  Friday is a squaring day so doubt it will make much more than the first target.

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$USDJPY Bounce? -

We have a descending wedge in play on the UJ which is normally bearish for the cross, but we have tried to take

out the support 4 times and not been successful due to the 83.74 bottom posted April 4, 1995.  We could see a move

back up to the top of the wedge today.

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$USDCAD Breakdown

BOC set to announce on a rate change.  The technicals show a strong break from the .786 retracement.  Follow

through should carry the UC to the double bottom @ 1.0340 with further targets at the 1.0300-1.0278 area

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$EURUSD Break of channel-

We have now broken out of the channel to the downside. We are currently sitting on the S6 sixth support from the

top at 1.2729  We should see a small bounce at this level and then head to the targets at the 0.500 fibo ( 1.2608)

with further targets at the 1.2460 area.

 

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What ProAct Traders sees in the Forex starting the week of Spetember 6, 2010

REMEMBER: THIS IS BIG PICTURE ONLY - NOT INTRADAY! Please NOTE!!!! This is an opinion only!  CLICK ON IMAGES TO ENLARGE

Note:  Markets are strange – when was the last time the USDCHF and the EURUSD were going in the same direction??

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$EURUSD

WHAT ProAct Traders SEE:  We see a nice bear flag that is forming on the cross which continues to be bearish.  If the flag holds below the 1.2930.  Further targets are at 1.2604-8, 1,2500 and 1.2367.  The upside risk is to the 1.3008 area

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