Target Trading: EUR/AUD Looking For A Push Down
Scott Barkley | Jun 14, 2014 12:07PM ET
EUR/USD
What ProAct Forex Target Traders See: We are currently sitting at 1.3539 after a breakout down. Looking for another push down to the S6 at1.3387. Be prepared for the corrective move back north though. The average daily true range (ATR) for the pair currently is 56 pips.
USD/JPY
What ProAct Forex Target Traders See: We are currently at 102.00 . We are still in a range but showing signs of a possible uptrend starting. Looking for an initial move to the R4 at 103.08 with the further target theR5 at 104.52. The average daily true range (ATR) for the pair currently is 37 pips.
GBP/USD
What ProAct Forex Target Traders See: Cable is currently sitting at 1.6971. It would appear that the uptrend is not over yet. We had thought that the top was in before this last move. Looking to see if this will be the head part of a head and shoulders pattern. The average daily true range (ATR) for the pair currently is 62 pips.
AUD/USD: A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is at 0.9403 after breaking the significant barrier to the upside. IF it continues look to the R7 at0.9669. A breakdown would target the 0.500fibo at 0.9068. The average daily true range (ATR) for the pair currently is 52 pips.
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