Target Trading in the Forex week of March 18th, 2018

Scott Barkley ProAct Traders

Note: USDX is in a “possible” bullish trend. Be aware that that could change in a heartbeat and the ATR’s are falling.

$EURUSD

What ProAct Traders See: Bearish: We are currently sitting @ 1.2286 after putting in a top. We are looking for a continuation to the 0.618 Fibo @ 1.1953 and then a bounce and further move to 1.1789. The average daily true range (ATR) for the pair currently is 87 pips.

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$USDJPY

What ProAct Traders See: Waiting: We are currently @ 106.05 in a downside channel. We are cautiously awaiting the start of a bullish move but could have one more move to the downside before that happens. There is divergence for an upside move. We will be looking for a continuation to the 0.786 Fibo @ 107.16. The average daily true range (ATR) for the pair currently is 81 pips.

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$GBPUSD

What ProAct Traders See: Bearish: Cable is currently sitting @ 1.3944 in a range. As long as USDX is up, we are looking for a continuation to the 0.786 Fibo @ 1.3648. The average daily true range (ATR) for the pair is 102 pips.

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

What ProAct Traders See: Bearish: Aussie is @ 0.7713 in a large channel in a range. We are watching for a continuation down to the Day support@ 0.7500 area. The average daily true range (ATR) for the pair currently is 63 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 hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.