This is what I see in the Forex starting the week of Nov 29th

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:

The Dow closes early today as the traders start an early weekend with their families. The Dow closed down 154 points.  This sent the dollar a bit higher but activity has died down quite a bit.  The S & P is down 19 points today.  The Nasdaq is down 37.6 points. Oil is down $2.20..

CLICK ON IMAGES TO ENLARGE

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EURUSD

WHAT I SEE:  The EURUSD has corrected back to the .500 fibo.  The bias is bearish technically speaking so we continue to look for opportunities to sell back to the 1.4900 area and then lower to the 1.4727 area if we get follow through.

 

 

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USDJPY

WHAT I SEE: – The USDJPY continued down to  the 85.00 target.  We have a very evident set of twins formed which suggests a strong pullback or reversal.  Already hit the .500 fibo of the smaller move.  Look to see them build a bear flag or continue up to the 88.50 area with support at the 86.50 area.  Break of the proposed bear flag should take it down to 86.00 again

 

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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!

WHAT I SEE: – The EJ has a nice set of twins at 127.50 area ( S6) and is due for a pullback.  Looks like a bear flag also forming here – time will tell.  Bullish should go to 132.00 area.

 

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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.

In looking at the markets today…..

In looking at the markets today…..

The EU is just “begging” to make the final break above the 1.50 handle. At the time of this writing, there have been 4 spike attempts to break higher. If the 15 min candle bodies can form, fill and close above 1.4990, it may finally happen. The DOW and S & P must also co-operate and a boost in the price of gold would help too.

FA’s coming out of the Eurozone (EZ) were net positive. But it’s still mainly Germany carrying the weight of the EZ. Greece, Italy and Ireland’s deficits are rising beyond the ECB’s mandates however. And as each of nations have no way of effectively devaluing their own currencies to stave off the effects the global financial crisis is inflicting upon their economies, the only other thing they can do is increase their debt load to try to stimulate economic internal activity. And the ECB is not at all happy with these member nations as a result. Should similar conditions spread to Spain, Portugal and the newer emerging member nations, the ECB may have a bit of a fiscal coup de tat on their hands as countries other than Germany and France struggle with their eroding economies GDP’s.

The Euro Bulls have bid the E/U pair up and further speculation and doubt regarding the status of the USD as regards to the world’s reserve currency lingers. As the markets begin to thin out coming into the US Thanksgiving Holiday, price action may become “whippy” as buyers and sellers find the bids and asks prices have minor gaps that can lead to tighter stops being triggered rapidly. I’ll be treading carefully the remainder of this week on all other major crosses as well as “raw speculation” may well become the theme of the big money syndicates who can move markets short term in ways just enough to potentially cause enough small trader “hurt”, then take the market were THEY wish.

EJ breaking the wedge up

EJ is trying to break out long from the wedge it has been in.  A clean break and retrace back to the wedge line should give more power to break to the 134.13 area.  It is a holiday week though in the USA.

 

This is what I see in the Forex starting the week of Nov 22nd

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:

The USDCAD has been rallying over today (and this week) on the back of lower oil, lower stocks and a general flight into the dollar and out of the riskier currency pairs. The price is trading near the high for the week and looks toward a longer term target of 1.0785 – the 38.2% retracement of the move down from from July 8th high to the low reached in October.

CLICK ON IMAGES TO ENLARGE

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EURUSD

WHAT I SEE:  The EURUSD has continued the large chop to the .500 fibo 5 times.  Does not seem to be any sellers below so it keeps bouncing back up.  A break of the fibo and the trendline would be significant – if so look for 1.4734.  If not?  Look to continue the pattern.

 

 

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USDJPY

WHAT I SEE: – The USDJPY continued down to  the 88.64 target.  We have a very evident descending wedge which is bearish.  A break of the wedge up  should produce a move to the 90.78 area and a break of the wedge should  move to the S5 at 86.85.

 

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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!

WHAT I SEE: – The EJ is stuck in a descending wedge.  Until it breaks one way or the other, traders can trade bounces off the extremes.  Clues to the breakout will probably come from the EURUSD.  South look for a move to 130.44 (S5) and north back to the 134.00-134.50 area.

 

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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.

 

GBPJPY continues to the target

As we posted yesterday, we felt the GBPJPY was in for a big correction.  It has since taken out the .500 Fibo and we have a nice bear flag forming on the 10 min.  Target still remains the 143.20 area – but doubt it will make that today since it is friday.

GBPJPY continues to the target, Target still remains the 143.20 area

As we posted yesterday, we felt the GBPJPY was in for a big correction.  It has since taken out the .500 Fibo and we have a nice bear flag forming on the 10 min.  Target still remains the 143.20 area – but doubt it will make that today since it is Friday.

GBPJPY breaks the wedge – looking for a low target

The GJ broke the wedge finally and has had a nice run away from it.  Interim taget is close at 147.10 but we are looking for a larger run maybe to 143.10 (S7).  Click to enlarge

EURUSD stuck in a big range

EURUSD is stuck in a big slightly descending range..  If it continues the pattern look fo rit to hit the trendway and then go south in a meandering move to 1.4816.  If it breaks out north , look for a double top at 1.5049 and a new direction.  CLick to enlarge

EURUSD testing support

EURUSD is testing support at 1.4850.  Looking for a bounce here of up to 50 pips, but if it breaks it look for the S4 target at 1.4816.  Click to enlarge

 

EURUSD – bullflag to 1.5050

We have a nice target at 1.5050 and a bull flag to try and help it along.  caution is to wait for the 1.500 break and then look for momentum to push it.  Click to enlarge