Forex Target Trading: Week Of May 11, 2015
Scott Barkley | May 10, 2015 05:58PM ET
EUR/USD
What ProAct Forex Target Traders See: We are currently sitting @ 1.1203 – 5 pips from last week at this time. We are looking finish a 3rd wave at the R7 resistance @ 1.1480 and we should see a correction before resumption to the R7 @1.1650 area. The average daily true range (ATR) for the pair currently is 140 pips.
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USD/JPY
What ProAct Forex Target Traders See: We are currently @ 117.77 but still ranging. Looking now to finish the down move @ 118.60 – note we could have a small push up first. The average daily true range (ATR) for the pair currently is 75 pips.
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GBP/USD
What ProAct Forex Target Traders See: Cable is currently sitting @ 1.5453. We are waiting to finish the 5th wave to the R6 of the 5th wave and then a move to correct. The average daily true range (ATR) for the pair currently is 164 pips.
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AUD/USD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is @ 0.7922 in a triangle which is bullish. We are waiting to break for a move up to the R6 area @ 0.8180. The average daily true range (ATR) for the pair currently is 115 pips.
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