Expect Further Downside From The Cable
Scott Barkley | Sep 06, 2014 10:23AM ET
EUR/USD
What ProAct Forex Target Traders See: We are currently sitting at 1.2951. We are looking for a short correction the finish the wave to 1.2822 with an overall target of the bottom at 1.2773. The average daily true range (ATR) for the pair currently is 60 pips.
USD/JPY
What ProAct Forex Target Traders See: We are currently at 105.09 just 4 pips above where we were a week ago. We are looking for a head and shoulders and then a corrective wave back to the 104.27 area and then a bounce to the target at 105.92-ovearll target is the 2.618 Fibo at 106.73. The average daily true range (ATR) for the pair currently is 51 pips.
GBP/USD
What ProAct Forex Target Traders See: Cable is currently sitting at 1.6329. We expect a bounce shortly and then more downside. Our immediate target is the S7 at 1.6196 then 1.6000-6040. The average daily true range (ATR) for the pair currently is 64 pips.
AUD/USD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is at 0.9379 and appears to have finished a 4th corrective wave. We are looking to continue down to the S3 target of the 3rd wave at 0.9240 with a possible bottom at the 0.9200 area. The average daily true range (ATR) for the pair currently is 48 pips.
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