WHAT ProAct Traders SEE: We are currently sitting @ 1.4368 just below the .786 fibo and at the day chart trendline. All of that is bearish for the cross from a technical standpoint. The fundamental side and the reaction to the EU economic summit may play a big part this week. A break out to the upside targets the double top @ 1.4589. If the cross respects the .786 and the trend line look for a move back to the S5 @ 1.4062 . The average daily trading range for the cross currently is 153 pips.
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$USDJPY
WHAT ProAct Traders SEE: We are currently @ 78.43. The cross is at the bottom of the downtrend and we are looking for a bounce. A break of the trend line down would target the S5 @ 77.71. A bounce to the north targets the.500 fibo @ 79.88. The average daily trading range for the cross currently is 58 pips.
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$GBPUSD
WHAT ProAct Traders SEE: We are currently @ 1.6300. The cross decisively broke the downtrend. We keeping our head up as the cross works sideways which is bullish for the cross. Targets north: look for the R6 @ 1.6395 and then 1.6492. A break down targets the 1.6200 and then the .382 fibo @ 1.6127. The average daily trading range for the cross currently is 136 pips.
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$AUDUSD ? A great smooth currency for Newbie?s!
WHAT ProAct Traders SEE: Aussie has broken out of the big sideways move to the upside. Currently @ 1.0850 but testing the .786 fibo (day chart) @ 1.0881. The target is the R6 @ 1.1006 with a stall @ 1.0961 (1.270 fib extension).The average daily trading range for the cross currently is 105 pips.
Source: http://www.fxstreet.com/technical/analysis-reports/what-i-see-in-fx-market/2011-07-23.html
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