Weekly Forex Trading: Euro May Strengthen If USDX Reacts To Downside
Scott Barkley | Jan 30, 2016 11:13AM ET
EUR/USD
What ProAct Forex Target Traders See: We are currently sitting at 1.0827 and ranging. I have posted the inset of the USDX which is potentially close to topping out so we are setting up for an interesting opportunity. If the USDX reacts to the downside at the top, we should see Euro strengthen up to 1.1202 and maybe higher. Short term of course you can see a potential move down to the 1.0500. The average daily true range (ATR) for the pair currently is 82 pips.
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USD/JPY
What ProAct Forex Target Traders See: We are currently at 121.11 and a nice reaction from the BOJ. We are looking for a pullback to the R4/0.500 Fibonacci and then a bounce to 122.53 with a further target at 123.62. The average daily true range (ATR) for the pair currently is 112 pips.
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GBP/USD
What ProAct Forex Target Traders See: Sterling is currently at 1.4241 and while currently still in a range, is most likely in a 5th wave down. We are looking for a continuation to the S5 at 1.43370 and then a continuation to the S6 area at 1.3804-38. The average daily true range (ATR) for the pair currently is 133 pips.
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AUD/USD – A great smooth currency for Newbies!
What ProAct Forex Target Traders See: Aussie is at 0.7068 and still in a large range. A couple of different scenarios: 1: Bullish: a move to the square up at 0.7267 area and 2: Bearish: A break down to the support at 0.6816. The average daily true range (ATR) for the pair currently is 94 pips.
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