Friday's FX Technicals
Scott Barkley | Mar 07, 2014 11:26AM ET
EUR/USD
What ProAct Forex Target Traders See: We are currently sitting @ 1.3867 looking to finish a 3rd wave to the top. A couple of different scenarios: 1: a bounce on the former pennant line and a move to the 1. 270 Fibo @ 1.4004 area) 2: An a-b-c correction to the trend line @ 1.3780 area would set up a nice wave to the same target . The average daily true range (ATR) for the pair currently is 72 pips.
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USD/JPY
What ProAct Forex Target Traders See: We are currently @ 103.37 after breaking the 2 wave correction to the upside. This sets up a nice move to the Former top and R7 @ 105.74 area. The average daily true range (ATR) for the pair currently is 63 pips.
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GBP/USD
What ProAct Forex Target Traders See: Cable is currently sitting @ 1.6716 and still in a pennant- so bullish still. Look then to continue to the R6 @ 1.6867 on the break of the pennant. Next resistance is the 1.270 Fibo @ 1.6978. (The average (14 day) daily true range (ATR) for the pair currently is 83 pips.
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AUD/USD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is @ 0.9076 after a correction to the old trend. We are viewing this as a corrective wave ( (a-b-c) for the start of the 5th wave to the 1.270 Fibo @ 0.8370. But as shown we could see further movement to the upside and if a breakout occurs look to the 0.618 Fibo @ 0.9340. The average daily true range (ATR) for the pair currently is 69 pips.
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