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$USDCHF

We are currently in an up channel and we are @ 0.9349 after breaking the .382 Fibo at 0.9346. The .500 Fibo is at 0.9374 which has been visited before.  We expect a continuation. The major target up is the 0.9398 where we have lots of confluence and is a major psychological number so watch that area. A break down targets the .9266.

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$USDCAD

We broke out of the descending wedge.  Currently we are @ 0.9678 after breaking the support at 0.9684. We expect a small retracement before continuation. The major target down is the S5 @0.9586 and 1.270 Fibo extension @ 0.9608.  0.9600 is a major psychological number so watch that area.

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$GBPUSD

We can see the cross is still working towards the lower trend line.  Currently we have taken out the .618 Fib @ 1.6151 which is providing support. We expect a small retracement before continuation. The major target down is the S4 and .786 Fibo @ 1.6098 at the trend line.  A break to the upside look for a stronger retrace to the 0.500 fib retracement @ 1.6188.

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$USDCAD – can it break?

We can see the cross is still working inside a descending wedge with the 0.9684 providing support. The major target down is the 1.618 Fibo extension @ 0.9512 with the 1.270 @ 0.9608 and the S5 @ 0.9586. A break to  the downside look for the 0.382 fib retracement @ 0.9819.

 

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What ProAct Traders sees in the Forex starting the week of March 6th ,2011

 

$EURUSD

WHAT ProAct Traders SEE:  The market moved to the .786 fibo and stopped after the reaction to NFP.  We expect a small pullback to square up near the 1.3921 area and then continued pressure to move to the upper targets. We have confluence at the R6 and 4.236 Fib extensions at 1.4073.  There is a resistance line @ 1.4278 which is a great target for next week.  

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$EURUSD – Channel

NFP is now behind us and we can see the cross is still working inside the channel. The major target up is the resistance @ 1.4010 and continuing through to the R6 @  1.4049.  To the downside look for the square up @ 1.3902.

 

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$USDCHF-Wedge break

The Cross has broken out north of a descending wedge which definitively puts the bottom in place at 0.9202. However, Unemployment claims came with less claims which could reverse this. The major target up is the 0.382 Fibo @ 0.9318 and continued through to the R3 @  0.9346.  To the downside look for the 0.9234 bottom. There is resistance at the 0.9330. This is NFP week so could be real sluggish.

 

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$NZDUSD-Where to now?

The Cross has taken the major target out @ 0.7422 and continued through to the 0.7384. Since then it has built a bear flag which is bearish for the cross.  The 1.270 fib extension is next at 0.7366 and the support @ 0.7345.  This is NFP week so could be real sluggish.

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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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