Target Trading In The Forex Week Of 12/10/2017
Scott Barkley | Dec 09, 2017 10:28AM ET
Note: USDX is strengthening – should affect all USD pairs
EUR/USD
What ProAct Forex Target Traders See: We are currently sitting at 1.1768 inside a channel in a range. We are looking for an initial move down to the 0.786 Fibo at 1.1669 and then the continuation to the range bottom at 1.557. The average daily true range (ATR) for the pair currently is 67 pips.
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USD/JPY
What ProAct Forex Target Traders See: We are currently sitting at 113.52 in a potential 3rd wave in a 400 pip range. A couple of different scenarios: 1: Bullish: a move to the range topat 114.40 area and a 4th Wave there to bounce to 115.78 2: Bearish: A break down at the range top to start a bearish move down in the range. The average daily true range (ATR) for the pair currently is 69 pips.
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GBP/USD
What ProAct Forex Target Traders See: We are currently sitting at 1.3397 in a range. We have convergence in the pair, so we are looking for an initial move down to the 0.618 Fibo at 1.3234 and then the continuation to the range bottom at 1.3045. The average daily true range (ATR) for the pair currently is 105 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 0.7505 completing 5 waves down. We are also in a rare expanding wedge so are looking for an initial move down to the 1.270 Fibo at 0.7431 and then the continuation to the day bottom at 0.7310. The average daily true range (ATR) for the pair currently is 46 pips.
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