Target Trading In The Forex: Week Of April 21
Scott Barkley | Apr 20, 2013 11:08AM ET
What Forex Target Traders See
: We are currently sitting at 1.3059 in a sideways move . We are looking at this current move as a bear flag so looking to get long near the .500 Fibo at 1.2945 area but we could get a fall to the .618 at 1.2900 before the bounce. We can see a head and shoulders pattern in force. The average (14 day) daily true range (ATR) for the pair currently is 109 pips.
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USD/JPY
What Forex Target Traders See: We are currently at 99.50 on the 3rd wave R5 resistance and need a correction before looking again to longs. We will need to get a pullback hopefully to the .618 fibo at 98.83 since the Day chart top is at 99.97. If the market corrects we will look to going long to the first wave R7 resistance at 102.43. The average (14 day) daily true range (ATR) for the pair currently is 157 pips.
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GBP/USD
What Forex Target Traders See: Cable is currently at 1.5233. We are looking for a continuation to the S4 support at 1.5179 and then further to the S6 at 1.5027. There is day chart trend line bisecting this so watch for a bounce there. The average (14 day) daily true range (ATR) for the pair currently is 118 pips.
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AUD/USD – A great smooth currency for Newbie’s!
What Forex Target Traders See: Aussie is currently at 1.0288 –in a descending wedge pattern which is bearish. We are bouncing on the .382 fibo which could be a bounce point. We expect a break down to the day chart bottom at 1.0182 and then a bounce since the ozzie is in a big sideways move on the day chart. The average (14 day) daily true range (ATR) for the pair currently is 95 pips.
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