Target Forex Trading: Week Of April 23rd, 2017
Scott Barkley | Apr 22, 2017 09:42AM ET
Note: Anticipating USDX to turn up
EUR/USD
What ProAct Forex Target Traders See: We are currently sitting at 1.0703 in a large range but we have bias north due to a support line and USDX currently down. A couple of different scenarios: 1: Bullish: a move to the 0.382 Fibo at 1.0652 and bounce to 1.0800 area and 2: Bearish: A break down to the double bottom support at 1.0500. The average daily true range (ATR) for the pair currently is 55 pips.
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USD/JPY
What ProAct Forex Target Traders See: We are currently sitting at 109.10 in a large range and in a nice channel. A couple of different scenarios: 1: Bullish: a move to the square up at 110.54 and 2: Bearish: A break down to the 0.786 at 107.36. The average daily true range (ATR) for the pair currently is 85 pips.
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GBP/USD
What ProAct Forex Target Traders See: Cable is currently at 1.2798. We are initially looking for a move to the double top at 1.2906 and then to the 1.270 Fibo at 1.3050 area. The average daily true range (ATR) for the pair currently is 89 pips.
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AUD/USD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is at 0.7536 at the possible start of a 5th wave. A couple of different scenarios: 1: Bullish: a move to the 0.786 Fibo at 0.7692 and 2: Bearish: A wave continuation to the 1.618 Fibo at 0.7301. The average daily true range (ATR) for the pair currently is 44 pips.
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