Target Trading In The Forex: Week Of June 1, 2014
Scott Barkley | May 31, 2014 11:23AM ET
EUR/USD
We are currently sitting at 1.3632 after a violent correction from the rising wedge which we alerted to. The correction is on the 0.786 Fibo which is a definite bounce point so watch for a move back up – which may be short-lived. If we do not get the bounce look for the 1.3473 Day chart target down. The average daily true range (ATR) for the pair currently is 63 pips.
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USD/JPY
We are currently at 101.80 in a large sideways market. We are waiting to finish wave three to the downside. A break of the 101.30 area and we will look to the S5 at100.37 next week. The average daily true range (ATR) for the pair currently is 49 pips.
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GBP/USD
Cable is currently sitting at 1.6763 after the break of the day chart. Looking for a 3rd wave down to the S5 Area at 1.6625 area. The average daily true range (ATR) for the pair currently is 71 pips.
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AUD/USD – A great smooth currency for Newbie’s!
Aussie is at 0.9364 in a sideways move but we are optimistically bearish- especially at the trend line top. A breakdown would target the S4 at 0.9177. The average daily true range (ATR) for the pair currently is 55 pips.
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