Target Trading in the Forex week of August 6th, 2017

Scott Barkley ProAct Traders

Note: Currently USDX is bullish after NFP

$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.1781 after breaking out of a rising wedge. We are looking to do a 4th wave down to the trend wall and then decision time. Do they do a 5th wave up or break out? Target Up: 1.1860 Target down 1.1562. The average daily true range (ATR) for the pair currently is 91 pips.

————————————————————————--

$USDJPY

What ProAct Forex Target Traders See: We are currently sitting @ 110.68. We are looking to continue up to the square up 0.618 Fibo @ 11.63 area and watch for a pullback there before a continuation to the 0.382 Fibo @ 112.82. The average daily true range (ATR) for the pair currently is 86 pips.

——————————————————————————–

$GBPUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.3046 after breaking out of a rising wedge. We are looking to do a 4th wave down to the trend wall and then decision time. Do they do a 5th wave up or break out? Target Up: 1.3168 Target down 1.2594. The average daily true range (ATR) for the pair currently is 91 pips.

——————————————————————————–

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

What ProAct Forex Target Traders See: We are currently sitting @ 0.7931 after completing a 5th and final wave up. We have a head and shoulders and the trend is your friend till it bends. We are looking initially for a move to the square up @ 0.7854 and then a move to the trend wall and break out to the double bottom @0.7570. The average daily true range (ATR) for the pair currently is 81 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 holds lower ground near 1.1850 ahead of EU/ US data

EUR/USD remains in the negative territory for the fourth successive session, trading around 1.1850 in European trading on Friday. A broadly cautious market environment paired with modest US Dollar demand undermines the pair ahead of the Eurozone GDP second estimate and the critical US CPI data.

GBP/USD keeps losses around 1.3600, awaits US CPI for fresh impetus

GBP/USD holds moderate losses at around 1.3600 in the European session on Friday, though it lacks bearish conviction. The US Dollar remains supported amid softer risk tone and ahead of the US consumer inflation figures due later in the NA session on Friday.

Gold trims intraday gains to $5,000 as US inflation data loom

Gold retreats from the vicinity of the $5,000 psychological mark, though sticks to its modest intraday gains heading into the European session. Traders now look forward to the release of the US consumer inflation figures for more cues about the Fed policy path. The outlook will play a key role in influencing the near-term US Dollar price dynamics and provide some meaningful impetus to the non-yielding bullion.

US CPI data set to show modest inflation cooling as markets price in a more hawkish Fed

The US Bureau of Labor Statistics will publish January’s Consumer Price Index data on Friday, delayed by the brief and partial United States government shutdown. The report is expected to show that inflationary pressures eased modestly but also remained above the Federal Reserve’s 2% target.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Solana Price Forecast: Mixed market sentiment caps recovery

Solana (SOL) is trading at $79 as of Friday, following a correction of over 9% so far this week. On-chain and derivatives data indicates mixed sentiment among traders, further limiting the chances of a price recovery.