Target Trading in the Forex week of 02/04/18$

Note:USDX shows strength but may travel sideways for a while – should affect all USD pairs.ATR’s have stabilized.

$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.2452 after finishing a 5th wave and putting in a double top. We are now looking for 5 waves down with the first targets the 0.500 Fibo @1.2227 and the 0.618 Fibo @ 1.2154. We may have put in wave 2 with this last up move still early in the move to call. The average daily true range (ATR) for the pair currently is 99 pips.

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$USDJPY

What ProAct Forex Target Traders See:We are currently sitting @ 110.26 in the start of an a-b-c 4th wave and the waves are a day chart wave.We are looking to complete that move to the square up @ 112.06 and then start the 5th wave down for a continuation down to the square up @ 109.00. The average daily true range (ATR) for the pair currently is 80 pips.

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$GBPUSD

What ProAct Forex Target Traders See:We are currently sitting @ 1.4127 in a 5th wave which MAY not make it now that FOMC potentially changed the landscape.A couple of different scenarios:1:Bullish: a continuation of the 5th wave move to the R6/1.270 Fibo @ 1.4583 area and 2: Bearish: A break down to the 0.618 Fibo support @ 1.3796 that will establish a range. The average daily true range (ATR) for the pair currently is 144 pips.

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

What ProAct Forex Target Traders See: We are currently sitting @ 0.7936 in a large range for the pair.We finally got our downside break after almost two weeks waiting. We are looking to continue to the 0.618 Fibo @ 0.7743 with the overall target eventually the 0.7500.The average daily true range (ATR) for the pair currently is 67 pips.

Posted to Introduction to Forex Tar... on Feb 03, 2018 — 10:02 AM

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