Target Trading in the Forex week of May 6th, 2018

Note: USDX is bullish (for now) with a Bull flag in place, also bullish.Be aware that that could change in a heartbeat and will affect the currencies below. We are going with Dollar strength for now. ATR’s have increased slightly.

$EURUSD

What ProAct Traders See:Bearish: We are currently sitting @ 1.1957 in a range. We said last week “…looking for a continuation to equilibrium for the 1.618 Fibo @ 1.1978”. WE completed that and now looking for the break of the descending wedge (bearish) and a continuation to the 2.270 Fibo @ 1.1802. The average daily true range (ATR) for the pair currently is 82 pips.

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$USDJPY

What ProAct Traders See: Bullish: We are currently @ 109.10 trying to make the turn after completing a 4th wave to the downside. We are looking to bounce and then a continuation to R3 @ 110.04.The upper target is 110.80 But needs a bigger ATR to get there IMHO. The average daily true range (ATR) for the pair currently is 59 pips.

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$GBPUSD

What ProAct Traders See:Bearish: Cable is currently sitting @ 1.3536 in a large range. Now looking to continue to the 1.618 Fibo @ 1.3389 and then a continuation to Day chart Support @ 1.3327.The average daily true range (ATR) for the pair is 117 pips.

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

What ProAct Traders See:Bearish: We are currently sitting @ 0.7535 in a range and a channel. We are looking to break out of the bear flag (bearish) on the 0.214 Fibo @ 0.7631 and then a continuation to 1.618 Fibo @ 0.7358.Expect a bounce there and then on to 0.7300.The average daily true range (ATR) for the pair currently is 59 pips.

Posted to Introduction to Forex Tar... on May 05, 2018 — 11:05 AM

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