Target Trading in the Forex week of May 8th, 2016 EU,UJ,GU,AU
$EURUSD
What ProAct Forex Target Traders See: We are currently sitting @ 1.1404 in a potential reversal. As long as USDX is strengthening we are looking for a continuation move down to the 0.500 Fibo@ 1.1148 after a wave 2 is printed. A failure to break the 0.382 Fibo @ 1.1223 would indicate more ranging. The average daily true range (ATR) for the pair currently is 86 pips.
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$USDJPY
What ProAct Forex Target Traders See: We are currently @ 107.15 with a bottom in place. We are looking initially to the 0.500 Fibo @ 108.74 with a continuation to the 0.214 Fibo@ 110.56. The average daily true range (ATR) for the pair currently is 126 pips.
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$GBPUSD
What ProAct Forex Target Traders See: Cable is currently @ 1.4429 and in a large range. We are looking initially to the 0.618 Fibo @ 1.4297 and a bounce there before a continuation to the 0.786 Fibo@ 1.4169. The average daily true range (ATR) for the pair currently is 119 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is @ 0.7367 and in possibly finishing a 3rd wave. We are looking for a bounce to complete the 4th wave and then a continuation move down to the bottom @ 0.7187. The average daily true range (ATR) for the pair currently is 97 pips.
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