What ProAct Traders sees in the Forex starting the week of August 7th,2011 –

$EURUSD

WHAT ProAct Traders SEE:  We are currently sitting @ 1.4281 just below the .786 Fibo.  We are expecting a run to the top but cannot rule out the .786 bounce to the downside.  Looking first for a break of the down trendline and then the double top and then the R5 @ 1.4432 The average daily trading range for the cross currently is 208 pips.

 

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$USDJPY                                        

WHAT ProAct Traders SEE:  We are currently @ 78.48.  We all know that we have had an intervention by now as the BOJ attempts to establish an uptrend in the cross.  The cross is sitting just above the .500 fibo and we are looking for a move back to the R5 @50.05.  A break here targets the 1.270 Fib extension @ 81.31 .  Of course if the world does not play ball with the BOJ we will head back down to the R1 @ 76.83.  We are bullish at this point. The average daily trading range for the cross currently is 128 pips.

 

 

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$GBPUSD

WHAT ProAct Traders SEE:  We are currently @ 1.6390.  The cross bounced on the bottom trend wall and currently just above  the .618 fibo.  A break of the 1.6400 look for Targets north:  look for the R5 @ 1.6449 then the 2.618 fib extension @ 1.6527.  The average daily trading range for the cross currently is 169 pips.

 

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$AUDUSD – A great smooth currency for Newbie’s!

WHAT ProAct Traders SEE:  We are currently @ 1.0467 after severely correcting.  The cross has put a set of twins on the 240 chart. The target  up  is  the R4 @ 1.0608 then the .382 fibo @ 1.0646.  The average daily trading range for the cross currently is 165 pips.

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Tags: Forex, Strategies, analysis, audusd, eurusd, forex, gbpusd, signals, technical, usdjpy

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