Target Trading in the Forex week of Dec 4th , 2016 EU,UJ,GU,AU

Scott Barkley ProAct Traders

$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.0566 after a breakout of a symmetrical triangle which is bearish for the pair. A couple of different scenarios: 1: Bullish: a move to the Day chart bottom and a bounce to the 0.382 Area @ 1.0754 and 2: Bearish: A break down to the 1.270 Fibo support @ 1.0348. The average daily true range (ATR) for the pair currently is 83 pips.

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$USDJPY

What ProAct Forex Target Traders See: We are currently sitting @ 113.075 in a channel on the upper side of a trend. A couple of different scenarios: 1: Bullish: a move inside the channel to the 1.270 Fibo Area @ 116.83 and 2: Bearish: A 4th wave break down to the 0.214 Fibo support @ 116.38 and a bounce there. The average daily true range (ATR) for the pair currently is 120 pips.

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$GBPUSD

What ProAct Forex Target Traders See: Cable is currently @ 1.2700 and finally looks to be trending. WE are looking for a continuation initially to the day chart resistance @ 1.2868 and then a 4th wave correction before resumption to the 1.3196. The average daily true range (ATR) for the pair currently is 117 pips.

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

What ProAct Forex Target Traders See: Aussie is @ 0.7434 and trying to a trend. We are caught in a sideways move which should resolve itself to the downside and looking for a 5th wave continuation to the S4 @ 0.7236. The average daily true range (ATR) for the pair currently is 60 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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