Target Trading in the Forex week of 01/13/18$
|Note: USDX shows weakness but near the bottom of its trend– should affect all USD pairs. ATR’s are WAY DOWN.
Martin Luther King Holiday in the states on Monday may slow all of this down.
$EURUSD
What ProAct Forex Target Traders See: We are currently sitting @ 1.2182 in a 5th wave and at the top of the trend. We are looking for a short correction (to 1.2100) or a flag pattern and then the continuation of a 5th wave to 1.2300. The average daily true range (ATR) for the pair currently is 74 pips.
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$USDJPY
What ProAct Forex Target Traders See: We are currently sitting @ 111.06 inside a range. A couple of different scenarios: 1: Bullish: a move to the double bottom and bounce to the 112.06 area and 2: Bearish: A break down to the 2.270 Fibo @ 109.85. The current flag pattern suggests the latter. The average daily true range (ATR) for the pair currently is 58 pips.
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$GBPUSD
What ProAct Forex Target Traders See: We are currently sitting @ 1.3736 in a 5th wave that is currently unsustainable. We have possible divergence starting in the pair, so we are looking for a couple of different scenarios: 1: Bullish: a sideways move to continue the move to the 1.618 Fibo 2 1.3802. 2: Bearish: A break down back to the trend wall and then a breakout @ 1.3561. The average daily true range (ATR) for the pair currently is 75 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: We are currently sitting @ 0.7912 in a large range for the pair. We have possible divergence in the pair, so we are looking for a finish at the range top @ 1.8100ish and then a break down now to the 0.214 Fibo.
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