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.

————————————————————————--

$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.

——————————————————————————–

$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.

——————————————————————————–

$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.