Target Trading in the Forex week of Dec 4th , 2016 EU,UJ,GU,AU
|$EURUSD
What ProAct Forex Target Traders See: We are currently sitting @ 1.0566 after a breakout of a symmetrical triangle which is bearish for the pair. A couple of different scenarios: 1: Bullish: a move to the Day chart bottom and a bounce to the 0.382 Area @ 1.0754 and 2: Bearish: A break down to the 1.270 Fibo support @ 1.0348. The average daily true range (ATR) for the pair currently is 83 pips.
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$USDJPY
What ProAct Forex Target Traders See: We are currently sitting @ 113.075 in a channel on the upper side of a trend. A couple of different scenarios: 1: Bullish: a move inside the channel to the 1.270 Fibo Area @ 116.83 and 2: Bearish: A 4th wave break down to the 0.214 Fibo support @ 116.38 and a bounce there. The average daily true range (ATR) for the pair currently is 120 pips.
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$GBPUSD
What ProAct Forex Target Traders See: Cable is currently @ 1.2700 and finally looks to be trending. WE are looking for a continuation initially to the day chart resistance @ 1.2868 and then a 4th wave correction before resumption to the 1.3196. The average daily true range (ATR) for the pair currently is 117 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is @ 0.7434 and trying to a trend. We are caught in a sideways move which should resolve itself to the downside and looking for a 5th wave continuation to the S4 @ 0.7236. The average daily true range (ATR) for the pair currently is 60 pips.
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