Target Trading in the Forex upcoming week of August 24th, 2014
$EURUSD
What ProAct Forex Target Traders See: We are currently sitting @ 1.3243. The pair is close to our target of 1.3194. We are looking for a short correction up to get to the target and then start a 4th wave up before the resumption to the downside. The average daily true range (ATR) for the pair currently is 51 pips.
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$USDJPY
What ProAct Forex Target Traders See: We are currently @ 103.96. We are no longer in a range and have 3 nice waves in place. We are looking for a corrective wave back to the 103.00-13 area and then a bounce to the target @ 104.81. The average daily true range (ATR) for the pair currently is 42 pips.
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$GBPUSD
What ProAct Forex Target Traders See: Cable is currently sitting @ 1.6573. We said last week to look to the S6 support @ 1.6580. We expect a bounce shortly but the rectangle suggests more downside first. Our immediate target is the S5 @ 1.6467. The average daily true range (ATR) for the pair currently is 53 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is @ 0.9284 in a wedge pattern. We are making an assumption that the double bottom was the low and we are in an up move. This will not be confirmed until we are above 0.9328. If so, we are looking to continue to the R3 target @ 0.9383 with a possible top at the 0.9400 area. The average daily true range (ATR) for the pair currently is 42 pips.
$EURUSD
What ProAct Forex Target Traders See: We are currently sitting @ 1.3243. The pair is close to our target of 1.3194. We are looking for a short correction up to get to the target and then start a 4th wave up before the resumption to the downside. The average daily true range (ATR) for the pair currently is 51 pips.
—————————————————————————--
$USDJPY
What ProAct Forex Target Traders See: We are currently @ 103.96. We are no longer in a range and have 3 nice waves in place. We are looking for a corrective wave back to the 103.00-13 area and then a bounce to the target @ 104.81. The average daily true range (ATR) for the pair currently is 42 pips.
——————————————————————————–
$GBPUSD
What ProAct Forex Target Traders See: Cable is currently sitting @ 1.6573. We said last week to look to the S6 support @ 1.6580. We expect a bounce shortly but the rectangle suggests more downside first. Our immediate target is the S5 @ 1.6467. The average daily true range (ATR) for the pair currently is 53 pips.
——————————————————————————–
$AUDUSD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is @ 0.9284 in a wedge pattern. We are making an assumption that the double bottom was the low and we are in an up move. This will not be confirmed until we are above 0.9328. If so, we are looking to continue to the R3 target @ 0.9383 with a possible top at the 0.9400 area. The average daily true range (ATR) for the pair currently is 42 pips.
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