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What ProAct Traders sees, in the Week of November 6th ,2011

Published 11/05/2011, 10:33 AM
Updated 10/05/2023, 10:02 PM
EUR/USD
-0.24%
GBP/USD
-0.09%
USD/JPY
0.30%
AUD/USD
-0.50%

EUR/USD: We are currently sitting at 1.3792.  After a major correction last week we are continuing to build a move northward but, this may only be a bear flag so be cautious of up moves until we have more confirmation. If we continue to the upside look for  the .382 Fibo at 1.4004. There is strong resistance at 1.4070 and the  upper Target to the upside is the R6 of 1.4221.  On a breakdown of the flag look to a double bottom in the 1.3603 area and maybe the 1.3500. The average daily trading range for the cross currently is 228 pips.

USD/JPY: We are currently at 78.24 after another intervention (we made 300 pips on the intervention trade). We are bouncing on the .382 Fibo and could see continued downside which would court intervention again. On the sidelines until this gets sorted out. The average daily trading range for the cross currently is 98 pips.

GBP/USD:  We are currently at 1.6034 after taking out the .382 Fibo from the Day chart and the strong resistance at 1.6130. Looking for a continuation to the R7 of 1.6273 with a stop at 1.6130.  A break down targets the R5 in the 1.5663 area. The average daily trading range for the cross currently is 158 pips.

AUD/USD: We are currently at 1.0372 and sitting just above the day chart support line after taking out the R4 at 1.0444. We still have a lot of bulls in the cross. Ideally, we would like to see a bounce  to the heartline and then a continued run at the top again. The intermediate target up is the R5 of 1.0584. Down targets are the double bottom of 1.0207 and then the support at 0.9838.  The average daily trading range for the cross currently is 209 pips.

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