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 holds above $5,000 as bears seem hesitant amid Fed rate cut bets

Gold edges lower at the start of a new week, though it defends the $5,000 psychological mark through the Asian session. The underlying bullish sentiment is seen acting as a headwind for the bullion. However, bets for more rate cuts by the Fed, bolstered by Friday's softer US CPI, keep the US Dollar bulls on the defensive and continue to support the non-yielding yellow metal as the focus now shifts to FOMC Minutes on Wednesday.

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

The US jobs report for January, which was delayed slightly, didn’t do the dovish Fed bets any favours, as expectations of a soft print did not materialize, confounding the raft of weak job indicators seen in the prior week.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

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.