Forex Target Trading: Week Of April 27, 2015
Scott Barkley | Apr 25, 2015 10:15AM ET
EUR/USD
What ProAct Forex Target Traders See: We are currently sitting @ 1.0868 after a trend break out to the upside but still inside the pennant. We are in a looking to break the pennant but stay in a channel for the upside target initially at @ 1.1109-1.1131. 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 @ 118.87 but still ranging. Looking now for a move down to support @ 117.94. If we get that, look to the S5 area @ 116.09. The average daily true range (ATR) for the pair currently is 82 pips.
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GBP/USD
What ProAct Forex Target Traders See: Cable is currently sitting @ 1.5180 in wave 3 which should continue to the 1.5350 area before the pullback. The 3rd wave can never be the shortest wave and wave 1 was a nice mover. The average daily true range (ATR) for the pair currently is 145 pips.
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AUD/USD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is @ 0.7826 in breakout that does not yet have sure footing. We are waiting to see if this new trend will hold for a move up to the Confluence area @ 0.7921 with an overall target @ 0.8072. The average daily true range (ATR) for the pair currently is 102 pips.
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