What Forex Target Traders See: We are currently sitting @ 1.2985 stuck in a wedge. Until this wedge breaks it is hard to know the bias. We are bullish above 1.3050 and bearish below 1.2900. A break north target the R6 @ 1.3100 then the double top @ 1.3175 with the 1.3278 as the outer target. A break south target the S5 @ 1.2795 then the support @ 1.2761 with the 1.2623 as the outer target. The average daily true range (ATR) for the pair currently is 114pips.
What Forex Target Traders See: We are currently @ 78.13 after correcting the FOMC movement. The dominate trend is still to the downside and the descending wedge confirms the bias to the downside. On the break down will look for a move to the double bottom @ 77.35. If we do in fact break north - target the double top @ 79.30. The average daily true range (ATR) for the pair currently is 54 pips.
What Forex Target Traders See: Cable is currently @ 1.6298. We saw an attempt to break up on Friday that was not successful and left us in an ascending wedge which remains bullish. This would indicate a move to the R7 target @ 1.6455. The average daily true range (ATR) for the pair currently is 81 pips.
$AUDUSD – A great smooth currency for Newbie’s!
What Forex Target Traders See: Aussie is currently @ 1.0448 with the correction already in swing on the up move. We are viewing this failure to rally as a potential opportunity to short below the trend line. We are not ruling out the rally yet however. A bounce would target the R4 @ 1.0543 and the upper target is R5 @ 1.0749. A break out down would target the 0.786 Fibo @ 1.0264 and the bottom @ 1.0166. The average daily true range (ATR) for the pair currently is 97 pips.