Target Trading in the Forex Upcoming Week: October, 13 2013
Scott Barkley | Oct 11, 2013 09:25PM ET
Note: shutdown is lowering the ATR – use closer targets until this is over
EUR/USD
What Forex Target Traders See: We are currently sitting @ 1.3550- Exactly where we were last week this time, and it is decision time. The pair is working a down channel after a head and shoulders so shows more bearish movement but we could bounce on the trend wall up. We are Bearish for now : A break down to the S4 @ 1.3414 and maybe square up @ 1.3394. The average daily true range (ATR) for the pair currently is 74 pips.
USD/JPY
What Forex Target Traders See: We are currently @ 98.55. We are out of the down trend and doing quite an impressive first wave. Looking for a move to the day chart top @ 99.00-40 area after a corrective move. The average (14 day) daily true range (ATR) for the pair currently is 80 pips.
GBP/USD
What Forex Target Traders See: Cable is currently @ 1.5957 after breaking the Day up trend. The bear flag break below the day chart would signal a move to the S5 @ 1.5894 with a lower target the support @ 1.5826. The average (14 day) daily true range (ATR) for the pair currently is 102 pips.
AUD/USD: A great smooth currency for Newbie’s!
What Forex Target Traders See: Aussie is currently @ 0.9469 and printing an ascending wedge which remains bullish. This could go either way. We could get one more thrust to the R4 top @ 0.9527 and then go bearish. A break of the 0.9530 would signal a continuation to the Resistance @ 0.9580. The average daily true range (ATR) for the pair currently is 71 pips.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.