Target Trading in the Forex week of August 13th, 2017
|Note: Currently USDX is bearish – affects the direction below
The August “Pay Your Mortgage Trade Idea” is the CADJPY
$EURUSD
What ProAct Forex Target Traders See: We are currently sitting @ 1.1826 after completing a 4th wave. We are looking to continue up in a 5th wave to the 1.270 Fibo @ 1.2028. The average daily true range (ATR) for the pair currently is 84 pips.
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$USDJPY
What ProAct Forex Target Traders See: We are currently sitting @ 109.09. We are looking to continue down to the day bottom @ 108.05 area then to the 1.270 Fibo @ 106.82. Watch for a pullback there which would confirm a trend. The average daily true range (ATR) for the pair currently is 73 pips.
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$GBPUSD
What ProAct Forex Target Traders See: We are currently sitting @ 1.3015 after breaking out of a bearish channel in a range. We are looking to continue up to the 0.500 Fibo (as long as USDX stays bearish) and then up to the 0.214 Fibo @ 1.3196. The average daily true range (ATR) for the pair currently is 84 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: We are currently sitting @ 0.7894 after completing a 4thwave. We are looking initially for a move to the double top @ 0.8060 and then a move to the 1.270 Fibo @0.8198. The average daily true range (ATR) for the pair currently is 69 pips.
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