Target Trading in the Forex week of July 16th, 2017

Scott Barkley ProAct Traders

Note: Currently USDX is bearish

$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.1466 in a channel inside a channel. We are looking to complete a 5th wave in the 1.1720 area as lomng as the USDX stays bearish. It could end at the 1.1600 area though. It might take a while though since the pair’s ATR is so low for its popularity. The average daily true range (ATR) for the pair currently is 57 pips.

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$USDJPY

What ProAct Forex Target Traders See: We are currently sitting @ 112.52 in a 3rd wave. We are looking to continue down to the 0.786 @ 111.60 area and watch for a 4th wave bounce there. The average daily true range (ATR) for the pair currently is 73 pips.

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$GBPUSD

What ProAct Forex Target Traders See: Cable is currently @ 1.3102 and in 3rd wave up. We are looking for a quick correction and then a continuation to the 1.618 Fibo @ 1.3331. The average daily true range (ATR) for the pair currently is 71 pips.

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

What ProAct Forex Target Traders See: We are currently sitting @ 0.7821 and in 1 5th and final wave up. We are looking to continue to the R5 @ 0.7854. The average daily true range (ATR) for the pair currently is 48 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 flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.