Target Trading in the Forex week of July 16th, 2017
|Note: Currently USDX is bearish
$EURUSD
What ProAct Forex Target Traders See: We are currently sitting @ 1.1466 in a channel inside a channel. We are looking to complete a 5th wave in the 1.1720 area as lomng as the USDX stays bearish. It could end at the 1.1600 area though. It might take a while though since the pair’s ATR is so low for its popularity. The average daily true range (ATR) for the pair currently is 57 pips.
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$USDJPY
What ProAct Forex Target Traders See: We are currently sitting @ 112.52 in a 3rd wave. We are looking to continue down to the 0.786 @ 111.60 area and watch for a 4th wave bounce there. The average daily true range (ATR) for the pair currently is 73 pips.
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$GBPUSD
What ProAct Forex Target Traders See: Cable is currently @ 1.3102 and in 3rd wave up. We are looking for a quick correction and then a continuation to the 1.618 Fibo @ 1.3331. The average daily true range (ATR) for the pair currently is 71 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: We are currently sitting @ 0.7821 and in 1 5th and final wave up. We are looking to continue to the R5 @ 0.7854. The average daily true range (ATR) for the pair currently is 48 pips.
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