Target Trading in the Forex week of August 13th, 2017

Scott Barkley ProAct Traders

Note: Currently USDX is bearish – affects the direction below

The August “Pay Your Mortgage Trade Idea” is the CADJPY

$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.1826 after completing a 4th wave. We are looking to continue up in a 5th wave to the 1.270 Fibo @ 1.2028. The average daily true range (ATR) for the pair currently is 84 pips.

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$USDJPY

What ProAct Forex Target Traders See: We are currently sitting @ 109.09. We are looking to continue down to the day bottom @ 108.05 area then to the 1.270 Fibo @ 106.82. Watch for a pullback there which would confirm a trend. The average daily true range (ATR) for the pair currently is 73 pips.

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$GBPUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.3015 after breaking out of a bearish channel in a range. We are looking to continue up to the 0.500 Fibo (as long as USDX stays bearish) and then up to the 0.214 Fibo @ 1.3196. The average daily true range (ATR) for the pair currently is 84 pips.

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

What ProAct Forex Target Traders See: We are currently sitting @ 0.7894 after completing a 4thwave. We are looking initially for a move to the double top @ 0.8060 and then a move to the 1.270 Fibo @0.8198. The average daily true range (ATR) for the pair currently is 69 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.

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