Forex Target Trading: Week Of April 12, 2015
Scott Barkley | Apr 11, 2015 12:27PM ET
EUR/USD
What ProAct Forex Target Traders See: We are currently sitting @ 1.0607 and back in the down trend. We are looking for the downside target at the S6 @ 1.0424 and possibly the 2.618 Fibo @ 1.0151. The average daily true range (ATR) for the pair currently is 134 pips.
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USD/JPY
What ProAct Forex Target Traders See: We are currently @ 120.19 in a big channel but still ranging. Looking now for a move up above 120.74. If we get that, look to the R5 area @ 122.00. The average daily true range (ATR) for the pair currently is 83 pips
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GBP/USD
What ProAct Forex Target Traders See: Cable is currently sitting @ 1.4646 and we have broken the range. We are looking to the 2.618 Fibo first @ 0.4504 with an overall target of the S6 @ 1.4362. The average daily true range (ATR) for the pair currently is 139 pips.
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AUD/USD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is @ 0.7682 in an ever widening range with a possible rising wedge in play (bearish). We are waiting to see if this bounce on the channel is for real or a small correction for a move down. A couple of different scenarios: 1: Bullish: a move to the upper day chart trend line @ 0.7781 area) and 2: Bearish: A break down to the support @ 0.7485. The average daily true range (ATR) for the pair currently is 94 pips.
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