Target Trading In The Forex Week Of January 21, 2018
Scott Barkley | Jan 20, 2018 09:49AM ET
Note: USDX shows weakness but near the bottom of its trend and may travel sideways for a while – should affect all USD pairs. ATR’s are starting to move up.
EUR/USD
What ProAct Forex Target Traders See: We are currently sitting at 1.2233 in a 5th wave and in a sideways move which is continued bullish bias. We are looking for continuation of a 5th wave to the R6 at 1.2542. The average daily true range (ATR) for the pair currently is 89 pips.
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USD/JPY
What ProAct Forex Target Traders See: We are currently sitting at 111.06 inside a big range and quite possible trending in a third wave. A couple of different scenarios: 1: Bullish: a move to the double bottom square up at 112.15 and then continued sideways move. 2: Bearish: A break down to the 1.618 Fibo support at 109.05. The current abc pattern suggests the former but will depend on the USDX. The average daily true range (ATR) for the pair currently is 67 pips.
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GBP/USD
What ProAct Forex Target Traders See: We are currently sitting at 1.3872 in a 3rd wave that is at the top of the trend. We will need an abc correction 4th wave before continuing the 5th wave to the R6 at 1.4069. The average daily true range (ATR) for the pair currently is 93 pips.
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AUD/USD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: We are currently sitting at 0.8001 in a large range for the pair. We have possible divergence in the pair, so we are looking for a finish at the range top at 1.8100ish and then a break down now to the 0.382 Fibo. support at 0.7889.. The average daily true range (ATR) for the pair currently is 59 pips.
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