Forex Target Trading: Week Of December 30, 2012
Scott Barkley | Dec 30, 2012 12:27PM ET
We are currently sitting at 1.3222 in a retracement. Looking for the bounce around 1.3100 and then we are bullish up to 1.3400. A pullback or reversal that breaks the 1.3150 would invalidate this. The average daily true range (ATR) for the pair currently is 77 pips.
USD/JPY
We are currently at 86.07. Looking for a pullback to the .500 Fibonacci around 85.26 and then we are bullish up to 87.94. A pullback or reversal that breaks the 85.00 would invalidate this. The average daily true range (ATR) for the pair currently is 62 pips.
GBP/USD
The cable is currently at 1.6152 in a wedge and we have bounced on the .786 Fibonacci at 1.6068 area. Two scenarios: A bounce targets the: top at 1.6300 or a breakdown targets bottom at 1.6000 area. The average daily true range (ATR) for the pair currently is 57 pips.
AUD/USD
The aussie is currently sitting at 1.0371 and completing the second wave to the downside. We are seeing a bear flag indicating more downside potential. Looking to complete wave three at or below the 1.3100 and then a pullback and wave 5 to the downside. The average daily true range (ATR) for the pair currently is 55 pips.
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