EUR/USD Currently Sitting At 1.3243
Scott Barkley | Aug 23, 2014 10:18AM ET
EUR/USD
What ProAct Forex Target Traders See: We are currently sitting at 1.3243. The pair is close to our target of 1.3194. We are looking for a short correction up to get to the target and then start a 4th wave up before the resumption to the downside. The average daily true range (ATR) for the pair currently is 51 pips.
USD/JPY
What ProAct Forex Target Traders See: We are currently at 103.96. We are no longer in a range and have 3 nice waves in place. We are looking for a corrective wave back to the 103.00-13 area and then a bounce to the target at 104.81. The average daily true range (ATR) for the pair currently is 42 pips.
GBP/USD
What ProAct Forex Target Traders See: Cable is currently sitting at 1.6573. We said last week to look to the S6 support at 1.6580. We expect a bounce shortly but the rectangle suggests more downside first. Our immediate target is the S5 at 1.6467. The average daily true range (ATR) for the pair currently is 53 pips.
AUD/USD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is at 0.9284 in a wedge pattern. We are making an assumption that the double bottom was the low and we are in an up move. This will not be confirmed until we are above 0.9328. If so, we are looking to continue to the R3 target at 0.9383 with a possible top at the 0.9400 area. The average daily true range (ATR) for the pair currently is 42 pips.
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