FX Target Trading: Week Of February 1st, 2016
Scott Barkley | Feb 06, 2016 10:23AM ET
EUR/USD
What ProAct Forex Target Traders See: We are currently sitting at 1.1145 and starting a 3rd wave. Short term of course you can see a potential move down to the 1.1019 but looking to continue to the 0.618 Fibo at 1.1385 with a continuation to the R7 at 1.1500. The average daily true range (ATR) for the pair currently is 95 pips.
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USD/JPY
What ProAct Forex Target Traders See: We are currently at 116.90. We are looking for a pullback to the S5 and then a decision. Range: look to the 120.43. Trending: move to 113.97. The average daily true range (ATR) for the pair currently is 126 pips.
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GBP/USD
What ProAct Forex Target Traders See: Sterling is currently at 1.4500 and we are looking to finish the correction and then bounce to the R6 at 1.4692 The average daily true range (ATR) for the pair currently is 148 pips.
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AUD/USD – A great smooth currency for Newbies!
What ProAct Forex Target Traders See: Aussie is at 0.7067 and possibly 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 95 pips.
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