Target Trading in the Forex week of March 25th, 2018

Scott Barkley ProAct Traders

Note: USDX is in a Sideways move and close to the bottom – watch for a bounce or breakout. Be aware that that could change in a heartbeat and will affect the currencies below. ATR’s are still dropping.

$EURUSD

What ProAct Traders See: Bearish: We are currently sitting @ 1.2365 in a symmetrical triangle. We have divergence for the downside move so 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 81 pips.

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$USDJPY

What ProAct Traders See: Waiting: We are currently @ 104.96 in a range. We have divergence for the upside move so are cautiously awaiting the start of a bullish move but could have one more move to the downside before that happens. We will be looking for a continuation to the 0.500 Fibo @ 106.46. The average daily true range (ATR) for the pair currently is 72 pips.

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$GBPUSD

What ProAct Traders See: Bearish: Cable is currently sitting @ 1.4139 in a range. We are looking for a reversal and then a continuation to the 0.786 Fibo @ 1.3850. The average daily true range (ATR) for the pair is 97 pips.

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

What ProAct Traders See: Bearish: Aussie is @ 0.7702 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 59 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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