USDCAD breaking consolidation

USDCAD broke through the bottom of the consolidation with a clear target at 1.0452. There are a few fib extensions in the way but next support is 100+ pips away at the 1.0452.  Click to enlarge

EURUSD consoliation then break north?

Dollar index is being sold today but EURUSD has not yet followed.  Will look for a break of consolidation, then further move to the R6.  Carry trades seem to be in affect as the interest rate stays low.  Click to enlarge

This is what I see in the Forex starting the week of Nov 8th

I do these three currency pairs because they represent a cross section of the market as a whole – all matching up to possible opportunities on Wild Card, 6 Aces and Royal Flushes (Trending and Elliott Wave) and they represent correlating other currencies.

Example: due to it’s very close correlation the EURUSD will show you what the USDCHF will possibly do going the other way!

This way whatever trader you are you have an idea of what the possibilities might be.

REMEMBER: THIS IS BIG PICTURE ONLY – NOT INTRADAY! Please NOTE!!!! This is an opinion only!

What I see…the currencies MIGHT do next week?  NOTE: IF YOU ARE UNSURE – STAY ON THE SIDELINES!’

SPECIAL NOTE:

Central banks lead subtle shift away from dollar

http://www.reuters.com/article/ousivMolt/idUSTRE5A25KO20091103

 

CLICK ON IMAGES TO ENLARGE

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EURUSD

WHAT I SEE:  The EURUSD has continued to be choppy with no clear direction.  To top it off we have conflicting patterns – a Rising Wedge ( bearish) and a sideways move after an up move ( bullish).  Look for a pullback  at the S5     1.5000 area.  There is strong support a little lower at 1.4724.

 

 

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USDJPY

WHAT I SEE: – The USDJPY continued down to  the 90.01 S4 target.   The  upside resistance is now the 90.90 resistance .  If that holds look for a fall.  There is a strong support at 88.57 to the downside  and maybe the 88.00.  Watch the Stock market USA for clues.

 

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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!

WHAT I SEE: – We wrote this last week:   What goes up must come down. The EURJPY has moved to the S6 support from the big up move at 132.39 area and stalled.  A clear head and shoulders is visible which suggest this is just the start of a move down.   A Bounce will probably only mean it is building a descending wedge to attract more sellers.  Look to the 131.00 area ( former Sept 2 close)  if it breaks south .

It did this exactly – moving to the 131.oo EXACTLY.  Pretty choppy now as it takes it’s clues form the EURO.  But we have a triangle ( bearish) and fib extension targets as well as the S7 at 128.64.

 

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EXTREME CAUTION IS URGED – TRADE WITH STOPS!!!!!

BTW – if you want to save the pics, right click and hit “save as”.
IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by ProAct Traders, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. This is an opinion ONLY – and not a trade call, but a study that may lead you to a trade. I do not know whether this will transpire or not so use your own judgment.

USDCHF approaching parity

USDCHF approaching parity!  we have a descending wedge in play and the HSI S4 coming in at 1.0104.  The fib extension (-.270) is at 1.0087.  Look for a move to close this out before the weekend.  Click to enlarge

Heads UP

Traded the UJ today. I tend to focus on one pair and try to “milk” it.

Was up 10 pips, moved the stop to +1. Was waiting for a bit bigger breakout north and got taken out. Going into NFP, the pair is forming a symmetrical triangle, EVEN with the DOW up 175 points. To me, this just elicits caution in the markets and so it’s better to stand aside rather than trying to trade tops and bottoms of the triangle. On one side, it could south below a single line trend line. On the upside, the pair has formed a triple top on a smaller time frame and could break north suddenly on any news or equity market driving forces.

The EU is still contained below its high this morning in spite of the fact the S & P is way positive. This bodes caution as well.

The GU is ranging after the BofE statement but is tending toward going higher but I’m still viewing some relative containment from the most recent swing hi/lo on the 15 min.

As we go into the end of the week, and with the NFP pending, I’ll looking for sideways ranging with breakout attempts on USD weakness to be muted.

 

Swissy short?

The USDCHF has formed a nice bear flag and since had had an inititial thrust out of it south.  Looking for a push south after the retrace to the 1.0106 area ( S4 and the .786 fibo).  Click to enlarge

EURJPY near a top – watch for a pullback

The EURJPY has continued up unabated in a very impressive run.  Dollar sentiment still runs low but the technicals show we are nearing an important top – a previous top and very close the the .500 fibo.  Technicals could take over and see a significant drop here since the current trend is unsustainable.  Down target may be back to the 133.50 area and then go again.  This would get it back to a sustainable trend degree.  Click to enlarge

EUR/JPY : sell again on the break of 131.85

EUR/JPY : sell again on the break of 131.85 .  We have a nice bear flag forming on the 10 minute chart with the HSI target 129.79.  You can take the profit at the double bottom bounce out of 131, or resell from there again for a position trade.  Look for a Wild Card or Royal Flush Trade Setup to confirm.

Click to enlarge

This is what I see in the Forex starting the week of Nov 1st – an OPINION ONLY:

This is what I see in the Forex starting the week of Nov 1st – an OPINION ONLY:    www.proacttraders.com

I do these three currency pairs because they represent a cross section of the market as a whole – all matching up to possible opportunities on Wild Card, 6 Aces and Royal Flushes (Trending and Elliott Wave) and they represent correlating other currencies.

Example: due to it’s very close correlation the EURUSD will show you what the USDCHF will possibly do going the other way!

This way whatever trader you are you have an idea of what the possibilities might be.

REMEMBER: THIS IS BIG PICTURE ONLY – NOT INTRADAY! Please NOTE!!!! This is an opinion only!

What I see…the currencies MIGHT do next week?  NOTE: IF YOU ARE UNSURE – STAY ON THE SIDELINES!’

SPECIAL NOTE:

Watch the GBPUSD this week for a bottoming out or another rocker down!

CLICK ON IMAGES TO ENLARGE

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EURUSD

WHAT I SEE:  The EURUSD has continued down even with a strong pullback to the 1.4860 area.  Now testing the bottom again.  Look for a bounce at the S5 1.4687 area.  There is strong support a little lower at 1.4657.  If it does not bounce look for a continuation to the 0.786 fibo area.

 

 

 

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USDJPY

WHAT I SEE: – The USDJPY continued down to  the 89.99 S4 target.   The  upside resistance is now the 90.18 resistance .  If that holds look for a fall.  There is a strong support at 88.96 to the downside  (0.786 fibo and previous resistance now support there).

 

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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!

WHAT I SEE: – What goes up must come down. The EURJPY has moved to the S6 support form the big up move at 132.39 area and stalled.  A clear head and shoulders is visible which suggest this is just the start of a move down.   A Bounce will probably only mean it is building a descending wedge to attract more sellers.  Look to the 131.00 area ( former Sept 2 close)  if it breaks south .  A break of the 131.00 area could produce a run to the double bottom at the 129.00 area

 

——————————————————————————–

EXTREME CAUTION IS URGED – TRADE WITH STOPS!!!!!

BTW – if you want to save the pics, right click and hit “save as”.
IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by ProAct Traders, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. This is an opinion ONLY – and not a trade call, but a study that may lead you to a trade. I do not know whether this will transpire or not so use your own judgment.

GBPUSD BULL FLAG setting up

The GBPUSD remains contained with a Bull flag formation developing. The bottom trendline comes in at 1.6504. The topside comes in at the 1.6568 level currently. Normally I would trade this off the trendline but I would prefer to see which trendline is broken due to the .786 fibo being the fib that held the upward move ( typically a bear situation). A break should lead to further momentum in the direction of the break. The downside target comes in at the 1.6431 then 1.6356 . A break on the topside will look toward the 1.6600 area as the 1st target with additional resistance at 1.6620 and the R5 at 1.6665.   Click to enlarge