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Target Trading in the Forex week of January 8th , 2017

$EURUSD

What ProAct Forex Target Traders See:  We are currently sitting @ 1.0531 in a large channel.  We are anticipating an upward move in USDX which would create further selling pressure on this pair.  We are looking to continue initially to the double bottom @ 1.0372 and then either bounce there or continue down to the 1.27. Fibo @ 1.0210 The average daily true range (ATR) for the pair currently is 93 pips.

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$USDJPY                                                                                                                   

What ProAct Forex Target Traders See:  We are currently sitting @ 117.02.  I have adjusted my trend to be much wider.   We are looking to initially correct in a 4th wave at the 0.786 Fibo @ 114.11 and then continue to the Top @ 125.91.   The average daily true range (ATR) for the pair currently is 100 pips.

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$GBPUSD                                                                                                                   

What ProAct Forex Target Traders See:  Cable is currently @ 1.2276.  We are in a day chart 5th wave and just finished a 4th wave correction on the 240-min chart.  We are looking to move to the 1.2000 area.  The average daily true range (ATR) for the pair currently is 100 pips.

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

What ProAct Forex Target Traders See:  Aussie is @ 0.7304. We are looking for a 5th wave continuation to the S5 bottom @ 0.6979.  Watch for a bounce at the S4 @ 0.7123.  The average daily true range (ATR) for the pair currently is 59 pips.

Author

Scott Barkley

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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