FX Target Trading: Week Of April 17th, 2016
Scott Barkley | Apr 15, 2016 04:17PM ET
EUR/USD
What ProAct Forex Target Traders See: We are currently sitting at 1.1287 and the breakout puts us still in a large range. We are looking for a continuation move down to the 0.500 Fibo at 1.1104 and then more continuation to the 0.786 Fibo at 1.0943. The average daily true range (ATR) for the pair currently is 88 pips.
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USD/JPY
What ProAct Forex Target Traders See: We are currently at 108.74. The chart continues to show downside (which may be opposite of the USDX) so we are looking for a move to the S8 support at 105.82 and then watch for a bounce (or intervention). The average daily true range (ATR) for the pair currently is 99 pips.
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GBP/USD
What ProAct Forex Target Traders See: Cable is currently at 1.4126 and in a large range in a wedge with a bias to the downside. We are looking for a continuation to the 0.786 Fibo at 1.3986 with a lower target to the range bottom at 1.3841. The average daily true range (ATR) for the pair currently is 131 pips.
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AUD/USD – A great smooth currency for Newbies!
What ProAct Forex Target Traders See: Aussie is at 0.7559 and still in a range. A couple of different scenarios: 1: Bullish: a move to the 1.618 Fibo at 0.7766 area then 0.7954 and 2: Bearish: A break down to the square up support at 0.7573 with a further target at 0.7481. The average daily true range (ATR) for the pair currently is 99 pips.
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