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EURUSD approaching the trendline

Watch for the reaction at the trendline.  Should get at least a small bounce and then if it holds look for the 5th wave to start up (?).  If it does no look for deeper correction to the .382 retracement at 1.2691.

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EURJPY - will it break out of the range?

We have had 4 tests of the bottom of the range @ 111.50.  Market may exhibit a small pullback and try to break it.  If so look for the 111.00 as the first target ( .270 fib extension- S4) a break further targets the .618 extension @ 110.31.

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What ProAct Traders sees in the Forex starting the week of July 18th, 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

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Dollar still under pressure

07/16 EURUSD hit the key resistance of 1.3000.  It is Friday so be cautious as they could square up vs. continue this rally.  The 1.270 Fib Extension co-incided with the key psychological area of 1.3000 and may yet prove to be the top.  However, we have a strong leg going into the bull flag and typcially the market likes to keep them even so there is a chance of a move to 1.3434 then all the way to 1.3100.

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Euro still hot

EURUSD moved very close to the 1.2900 target area.  Currently has taken out the .618 fib EXTENSION.  There is strong Resistance at 1.2887 but since that is so close to the 1.2900 I think traders will take out the target.

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AUDUSD-Targets hit

Aussie hit our targets to the pip.  We have divergence in the cross and a rising wedge BOTH lends itself to at least a pullback.  Looking for a pullback to the .8722.  A deeper lunge would be the .8559 over the week.

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GBPUSD - .786 bounce?

07/13 Looking for the bears to show up at the confluence of the .786 Fibo and the down trendline.  If the top holds should see a fall back to the 1.5088 area (.500 fibo).  Break of the trendline means a double top at 1.5229.

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Aussie can still make it

AUDUSD still has good upper targets. .8842 now in range and 8900 as a further target if we get legs.

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