Target Forex Trading: Week Of January 8th, 2017
Scott Barkley | Jan 07, 2017 10:16AM ET
EUR/USD
What ProAct Forex Target Traders See: We are currently sitting at 1.0531 in a large channel. We are anticipating an upward move in USDX which would create further selling pressure on this pair. We are looking to continue initially to the double bottom at 1.0372 and then either bounce there or continue down to the 1.27. Fibo at 1.0210 The average daily true range (ATR) for the pair currently is 93 pips.
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USD/JPY
What ProAct Forex Target Traders See: We are currently sitting at 117.02. I have adjusted my trend to be much wider. We are looking to initially correct in a 4th wave at the 0.786 Fibo at 114.11 and then continue to the Top at 125.91. The average daily true range (ATR) for the pair currently is 100 pips.
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GBP/USD
What ProAct Forex Target Traders See: Cable is currently at 1.2276. We are in a day chart 5th wave and just finished a 4th wave correction on the 240-min chart. We are looking to move to the 1.2000 area. The average daily true range (ATR) for the pair currently is 100 pips.
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AUD/USD – A great smooth currency for newbies!
What ProAct Forex Target Traders See: Aussie is at 0.7304. We are looking for a 5th wave continuation to the S5 bottom at 0.6979. Watch for a bounce at the S4 at 0.7123. The average daily true range (ATR) for the pair currently is 59 pips.
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