What ProAct Forex Target Traders See: We are currently sitting @ 1.2392 in a 5th wave. We could get the turn here. If not, look to the 1.618 Fibo @ 1.2193 as the target. The average daily true range (ATR) for the pair currently is 111 pips.
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$USDJPY
What ProAct Forex Target Traders See: We are currently @ 117.72. We are looking for a correction back to the support area @ 115.62. The average daily true range (ATR) for the pair currently is 116 spips.
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$GBPUSD
What ProAct Forex Target Traders See: Cable is currently sitting @ 1.5662 – just 10 pips from last weeks level. We said last week; “We could go sideways and range” . We are looking for the 4.236 Fibo @ 1.5294. The average daily true range (ATR) for the pair is 109 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is @ 0.8669 in a correction which is ultimately bearish. We could get a pullback to 0.8743. We do expect a move to the S4 @ 0.8566 . The average daily true range (ATR) for the pair currently is 105 pips.
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Editors’ Picks
AUD/USD remains under pressure above 0.6400
AUD/USD managed to regain some composure and rebounded markedly from Tuesday’s YTD lows in the sub-0.6400 region ahead of the release of the Australian labour market report on Thursday.
EUR/USD faces decent contention around 1.0600
The knee-jerk in the Greenback reignited some buying interest in the risk complex and pushed EUR/USD to three-day highs near 1.0680, rapidly leaving behind the recent yearly low around 1.0600.
Gold eases despite risk-off mood
Gold trades in a relatively tight range near $2,390 in the second half of the day on Wednesday. In the absence of high-tier data releases, investors keep a close eye on headlines surrounding the Iran-Israel conflict.
Ethereum trades around the $3,000 support following a surge in validator queue
Ethereum (ETH) continued a sideways movement on Wednesday as investors seemed to be waiting for an upward or downward price catalyst. Despite the price stagnancy, the ETH validator queue - possibly fueled by the DeFi restaking boom - rose sharply.
Markets stabilize after Powell rules out rate hike, but the signs don’t look good
Markets are volatile right now; however, a relative calm has descended on the market and US. US stocks are down a touch, but the Vix is lower, US Treasury yields are lower, and the dollar is mostly lower vs. its G10 FX counterparts.