Target FX Trading: EUR/USD, USD/JPY, GBP/USD, AUD/USD
Scott Barkley | Jul 24, 2016 07:17PM ET
EUR/USD
What ProAct Forex Target Traders See: We are currently sitting at 1.0971 in an extremely narrow range. A couple of different scenarios: 1: Bullish: a failure to break the range; look to move to the range top at 1.1155 area and 2: Bearish: A break down to the double bottom support at 1.0837. The average daily true range (ATR) for the pair currently is 80 pips.
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USD/JPY
What ProAct Forex Target Traders See: We are currently at 106.35 at the bottom of a trend. We are looking for a bounce and continuation to the 1.270 Fibo at 108.12. The average daily true range (ATR) for the pair currently is 131 pips.
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GBP/USD
What ProAct Forex Target Traders See: Cable is currently at 1.3142 and in a large range. A couple of different scenarios: 1: Bullish: a move to the top at 1.13543 area and 2: Bearish: A break down to the double bottom support at 1.2809. The average daily true range (ATR) for the pair currently is 203 pips.
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AUD/USD – A great smooth currency for newbies!
What ProAct Forex Target Traders See: Aussie is at 0.7467 and in a possible triangle. We said last week “We are looking for a move to the 0.500 Fibo at 0.7466”. Pretty close! Looking now for a move to the day chart bottom at 0.7326 and a bounce there. The average daily true range (ATR) for the pair currently is 82 pips.
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