What ProAct Forex Target Traders See: We are currently sitting @ 1.1300 after bouncing on the trend wall. We are looking to finish the correction to 1.1381. We could get the turn here. If not, look to the square up and the S7 @ 1.1583 as the target. If we head back down we are looking for the double bottom @ 1.1100. The average daily true range (ATR) for the pair currently is 142 pips.
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$USDJPY
What ProAct Forex Target Traders See: We are currently @ 111.41. We are in a range and bias currently is to the downside. We are looking for an eventual break to the support area @ 116.09 and then the bounce. The average daily true range (ATR) for the pair currently is 141 pips.
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$GBPUSD
What ProAct Forex Target Traders See: Cable is currently sitting @ 1.5062 and ranging. This move consists of breakouts followed by long consolidations. We are looking first for the S8 @ 1.4922 and then the 2.618 Fibo @ 1.4712. The average daily true range (ATR) for the pair is 119 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is @ 0.7785 on the 4.236 Fibo which is significant and could hold. We expect a move to the S6 @ 0.7688 with a possible extended target at the support area @ 0.7590-0.7640. The average daily true range (ATR) for the pair currently is 103 pips.
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Editors’ Picks
EUR/USD stays near 1.0800 after upbeat US data
EUR/USD stays under modest bearish pressure and trades near 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.
GBP/USD stays in daily range above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.