Target Trading in the Forex week of April 15th, 2018

Scott Barkley ProAct Traders

Note: USDX is non-committal. Be aware that that could change in a heartbeat and will affect the currencies below. ATR’s have increased slightly.

$EURUSD

What ProAct Traders See: Bullish: We are currently sitting @ 1.2338 in a range with divergence for an upside move. We are looking for a continuation to the upside to the square up @ 1.2459 and then a further move to 1.2559 top. The average daily true range (ATR) for the pair currently is 76 pips.

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$USDJPY

What ProAct Traders See: Bearish: We are currently @ 107.37 trying to make the turn to the downside. We have convergence to the downside so will be looking for a continuation to the 0.786 Fibo @ 105.73 and then a continuation to the range bottom @ 104.64. The average daily true range (ATR) for the pair currently is 79 pips.

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$GBPUSD

What ProAct Traders See: Bullish: Cable is currently sitting @ 1.4090 in a range. We are looking for a continuation to the range top @ 1.4361 and then to the 1.618 Fibo @ 1.4419. The average daily true range (ATR) for the pair is 97 pips.

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$AUDUSD – A great smooth currency for Newbie’s!

What ProAct Traders See: Bullish: Aussie is @ 0.7769 in a large range for the pair and in a possible cup and handle pattern. We are watching for a continuation up to the cup top @ 0.7900 area and then to the 0.8033 area. The average daily true range (ATR) for the pair currently is 52 pips.

Author

Scott Barkley

ProAct Traders

Scott Barkley is the President of ProAct Traders LLC located in Round Rock, Texas. Scott graduated from the institute For Latin American Studies in Cuernavaca, Mexico.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.