Target Trading in the Forex week of January 8th , 2017
|$EURUSD
What ProAct Forex Target Traders See: We are currently sitting @ 1.0531 in a large channel. We are anticipating an upward move in USDX which would create further selling pressure on this pair. We are looking to continue initially to the double bottom @ 1.0372 and then either bounce there or continue down to the 1.27. Fibo @ 1.0210 The average daily true range (ATR) for the pair currently is 93 pips.
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$USDJPY
What ProAct Forex Target Traders See: We are currently sitting @ 117.02. I have adjusted my trend to be much wider. We are looking to initially correct in a 4th wave at the 0.786 Fibo @ 114.11 and then continue to the Top @ 125.91. The average daily true range (ATR) for the pair currently is 100 pips.
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$GBPUSD
What ProAct Forex Target Traders See: Cable is currently @ 1.2276. We are in a day chart 5th wave and just finished a 4th wave correction on the 240-min chart. We are looking to move to the 1.2000 area. The average daily true range (ATR) for the pair currently is 100 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is @ 0.7304. We are looking for a 5th wave continuation to the S5 bottom @ 0.6979. Watch for a bounce at the S4 @ 0.7123. The average daily true range (ATR) for the pair currently is 59 pips.
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