Target Trading In The Forex - Week Of April 20, 2014
Scott Barkley | Apr 19, 2014 10:04AM ET
EUR/USD
What ProAct Forex Target Traders See: We are currently sitting @ 1.3813. We were unable to even get the gap closed so we are looking for a continued move DOWN to the 1.3723 area and a breakout would target the 1.3665. We may still have one higher move to fill the gap. The average daily true range (ATR) for the pair currently is now down to only 64 pips.
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USD/JPY
What ProAct Forex Target Traders See: We are currently @ 102.44. The market is really ranging with a bullish bias. The current price is at a significant resistance which will need to be broken to get to the to the 103.55 area. The average daily true range (ATR) for the pair currently is 62 pips.
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GBP/USD
What ProAct Forex Target Traders See: Cable is currently sitting @ 1.6791 and in a channel to the upside. A couple of different scenarios: 1: bullish: a move to the 3rd wave R5/1.618 Fibo @ 1.6920-30 area). 2: Bearish : The may be the head of a head and shoulders pattern at which case a right shoulder and failure above 1.6823 we will look to the downside trend wall @ 1.6698. The average daily true range (ATR) for the pair currently is 72 pips.
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AUD/USD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is @ 0.9328 and in a correction of the day chart up trend. We are looking for a continuation down to the 0.9200 area and then a bounce. The average daily true range (ATR) for the pair currently is 65 pips.
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