Target Forex Trading: Week Of December 4th, 2016
Scott Barkley | Dec 04, 2016 08:50PM ET
EUR/USD
What ProAct Forex Target Traders See: We are currently sitting at 1.0566 after a breakout of a symmetrical triangle which is bearish for the pair. A couple of different scenarios: 1: Bullish: a move to the Day chart bottom and a bounce to the 0.382 Area at 1.0754 and 2: Bearish: A break down to the 1.270 Fibo support at 1.0348. The average daily true range (ATR) for the pair currently is 83 pips.
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USD/JPY
What ProAct Forex Target Traders See: We are currently sitting at 113.075 in a channel on the upper side of a trend. A couple of different scenarios: 1: Bullish: a move inside the channel to the 1.270 Fibo Area at 116.83 and 2: Bearish: A 4th wave break down to the 0.214 Fibo support at 116.38 and a bounce there. The average daily true range (ATR) for the pair currently is 120 pips.
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GBP/USD
What ProAct Forex Target Traders See: Cable is currently at 1.2700 and finally looks to be trending. WE are looking for a continuation initially to the day chart resistance at 1.2868 and then a 4th wave correction before resumption to the 1.3196. The average daily true range (ATR) for the pair currently is 117 pips.
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AUD/USD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is at 0.7434 and trying to a trend. We are caught in a sideways move which should resolve itself to the downside and looking for a 5th wave continuation to the S4 at 0.7236. The average daily true range (ATR) for the pair currently is 60 pips.
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