Target Trading in the Forex week of August 6th, 2017
|Note: Currently USDX is bullish after NFP
$EURUSD
What ProAct Forex Target Traders See: We are currently sitting @ 1.1781 after breaking out of a rising wedge. We are looking to do a 4th wave down to the trend wall and then decision time. Do they do a 5th wave up or break out? Target Up: 1.1860 Target down 1.1562. The average daily true range (ATR) for the pair currently is 91 pips.
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$USDJPY
What ProAct Forex Target Traders See: We are currently sitting @ 110.68. We are looking to continue up to the square up 0.618 Fibo @ 11.63 area and watch for a pullback there before a continuation to the 0.382 Fibo @ 112.82. The average daily true range (ATR) for the pair currently is 86 pips.
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$GBPUSD
What ProAct Forex Target Traders See: We are currently sitting @ 1.3046 after breaking out of a rising wedge. We are looking to do a 4th wave down to the trend wall and then decision time. Do they do a 5th wave up or break out? Target Up: 1.3168 Target down 1.2594. The average daily true range (ATR) for the pair currently is 91 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: We are currently sitting @ 0.7931 after completing a 5th and final wave up. We have a head and shoulders and the trend is your friend till it bends. We are looking initially for a move to the square up @ 0.7854 and then a move to the trend wall and break out to the double bottom @0.7570. The average daily true range (ATR) for the pair currently is 81 pips.
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