Target Trading in the Forex week of June 3rd, 2018

Note: USDX is barely BULLISH (for now) but appears to be topping out. If so (?) this move up will be the head of a head and shoulders reversal pattern. Be aware that that could change in a heartbeat and will affect the currencies below. ATR’s have increased for only a few pairs.

$EURUSD

What ProAct Traders See: Bullish eventually: We are currently sitting @ 1.1656 at a day chart support.We in a range and are looking for a finish at the day chart support/range bottom @ 1.1554 and then a bounce to the square up @ 1.1920.A move below 1.1500 would signal a continuation to the 1.1287 area. The average daily true range (ATR) for the pair currently is 95 pips.

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$USDJPY

What ProAct Traders See: Bearish: We are currently sitting @ 109.40 in a 2 wave and in a correction. We are looking to finish this ‘possible” wave and then continue the move to the 0.618 Fibo @ 107.25.We’ll see if do a 4th wave bounce here. The average daily true range (ATR) for the pair currently is 74 pips.

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$GBPUSD

What ProAct Traders See:Bullish eventually: We are currently sitting @ 1.3349 in a range and have bounced at the day chart support.It appears that we have already made the tun but…we could have another small run down to the bottom but are anticipating a move up since we have divergence on the pair as well as the USDX situation. A continuation here would set up move to the 0.618 Fibo @ 1.3653.Watch for consolidation above the 1.3450-1.3650 area. The average daily true range (ATR) for the pair is 87 pips.

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

What ProAct Traders See:Bullish: We are currently sitting @ 0.7569 (just 20 pips from last week at this time) in a range and in a symmetrical triangle which is also bullish. A triangle break here would set up move to the square up @ 0.7763. The average daily true range (ATR) for the pair currently is 58 pips.

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Posted to Introduction to Forex Tar... on Jun 02, 2018 — 11:06 AM
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