Target Trading in the Forex week of 01/072018

Note: USDX shows weakness – should affect all USD pairs

$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.12049 in a third wave. We are looking for a short continuation due to the USDX and then a 4th wave to the 0.500 Fibo @1.1950 area and then the continuation of a 5th wave to 1.2200. The average daily true range (ATR) for the pair currently is 70 pips.

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$USDJPY

What ProAct Forex Target Traders See: We are currently sitting @ 113.14 in a tight range inside a bigger range. We are looking for a short continuation due to the USDX and then a move back to the bottom of the tight range @112.06 area. The average daily true range (ATR) for the pair currently is 51 pips.

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$GBPUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.3397 in a range and in a triangle pattern. We have possible divergence in the pair, so we are looking for a couple of different scenarios: 1: Bullish: a move to the day top @ 1.3650 and then down to the 0.500 Fibo area @1.3458 and 2: Bearish: A break down now to the 0.786 Fibo support @ 1.3368. The average daily true range (ATR) for the pair currently is 81 pips.

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

What ProAct Forex Target Traders See: We are currently sitting @ 0.7870 completing 5 waves down. We have possible divergence in the pair, so we are looking for a finish at the range top @ 1.7897 and then a break down now to the 0.382 Fibo support @ 0.7713. The average daily true range (ATR) for the pair currently is 42 pips.

Posted to Introduction to Forex Tar... on Jan 06, 2018 — 10:01 AM

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