FX Target Trading: Week Of October 11th, 2015
Scott Barkley | Oct 10, 2015 10:27AM ET
EUR/USD
What ProAct Forex Target Traders See: We are currently sitting at 1.1355 breaking a sideways move. We are looking for a move to start the 5th wave with the overall target at 1.1711 this week. The average daily true range (ATR) for the pair currently is 93 pips.
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USD/JPY
What ProAct Forex Target Traders See: We are currently at 120.23 and still ranging and also in a wedge. A couple of different scenarios: 1: Bullish: a move to the top of the range and a bounce – look to the 125.00 and 2: Bearish: A break down to the support at 118.15/ 166.21. 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: Sterling is correcting in a 4th wave to the 1.5447-1.5500 area before a resumption to the downside. After a correction, look to the 1.5158 area. The average daily true range (ATR) for the pair currently is 88 pips.
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AUD/USD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is at 0.7326 and needs a 4th wave correction to get to the target. Look for that to the 0.500 Fibo at 0.7256. Target now is up to 0.7443. The average daily true range (ATR) for the pair currently is 71 pips.
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