What I See in FX Market

NOTE: Monday is a holiday in USA (ProAct offices closed)
$EURUSD
WHAT ProAct Traders SEE: We are currently sitting @ 1.4196 just above the day chart trend wall. We are in a nice downtrend but could bounce on the day chart trend line. There is strong support in the 1.4156 area ( S5). We are expecting a bounce there to the .382 Fibo ( 1.4310) but cannot rule out continuation of the downtrend through the day chart trend line. If we get the break of the day chart trendline look for the 1.4100 initial target and then the 1.270 Fib extension @ 1.4053. The average daily trading range for the cross currently is 132 pips.

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$USDJPY
WHAT ProAct Traders SEE: We are currently @ 76.82. The cross is sitting just above the a strong countertrend line and has formed a wedge so we are looking for a move back to the double bottom (intervention territory) @76.00. The average daily trading range for the cross currently is 59 pips.

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$GBPUSD
WHAT ProAct Traders SEE: We are currently @ 1.6225. The cross bounced on the bottom and currently just above the day chart trend line and below the .382 fibo. A break of the .382 Fibo up look for Targets north: look for the ..618 Fibo @ 1.6318 then the R4 @ 1.6361. The average daily trading range for the cross currently is 129pips.

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$AUDUSD ? A great smooth currency for Newbie?s!
WHAT ProAct Traders SEE: We are currently @ 1.0655. The cross has started a pullback to the Day chart trend line. We are expecting a correction to the .618 Fibo ( 1.0554) but could pull up at the .500 @ 1.0595. A break to the downside would mean a deeper correction an would look for the 1.0430 if that happened. The targets up are double top @ 1.0766, the 1.270 Fibo @ 1.0860. The average daily trading range for the cross currently is 106 pips.

Source: http://www.fxstreet.com/technical/analysis-reports/what-i-see-in-fx-market/2011-09-03.html

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