Scott Barkley's blog

CADJPY- Wedge break

Still waiting – this was the post from Friday last week. Currently we are @ 87.76 and out of the symmetrical wedge. We are looking to complete a move to the range support @ 86.78. The average daily true range (ATR) for the pair currently is 72 pips.

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Target Trading in the Forex week of 12/10/2017

Note: USDX is strengthening – should affect all USD pairs

$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.1768 inside a channel in a range. We are looking for an initial move down to the 0.786 Fibo @ 1.1669 and then the continuation to the range bottom @ 1.557. The average daily true range (ATR) for the pair currently is 67 pips.

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$USDJPY

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CADJPY- Wedge break

Currently we are @ 87.77 and out of the symmetrical wedge.  We are looking to complete a move to the range support @ 86.77. The average daily true range (ATR) for the pair currently is 72 pips.

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AUDCHF- correction

Currently we are @ 0.7504 in a 4th wave correction. We are looking to complete a move to the square up @ 0.7582. From there we are looking for a 5th wave to start down to the 0.7400 and beyond. While the ATR is currently low- it has a tendency to explode for a bunch pf pips. The average daily true range (ATR) for the pair currently is 57 pips.

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NZDJPY- channel

Currently we are @ 77.53 in a channel. We are looking to complete a move to the 0.382 @ 78.15.

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Target Trading in the Forex week of 12/03/2017

Note:  Tough one to dissect this week - USDX is weak now, but the passing of the largest tax reduction in USA history Friday night after hours, might make the dollar strengthen.  This might affect the dollar currency pairs – and it will be the opposite way of their current moves.  I will give both views.  Also, be wary of potential gaps due to this.  Advanced traders may want to fade the gaps if there are any.

$EURUSD

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AUDJPY- 4th wave

Currently we are @ 85.03 in a 4th wave. We are looking to complete a move to the Square up @ 85.51. From there we are looking for a 5th wave down to 83.72. The average daily true range (ATR) for the pair currently is 61 pips

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EURGBP- range

Currently we are @ 0.8833 in a range. We are looking to complete a move to the day chart support @ 0.8749. The average daily true range (ATR) for the pair currently is 64 pips.

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AUDUSD- channel

Currently we are @ 0.7611 in a range and in a nice channel to the upside after finishing 5 waves to the downside. We are looking to complete a move to the 0.500 Fibo resistance @ 0.7714. The overall target is 0.7900 area. We are in a possible 3rd wave? The average daily true range (ATR) for the pair currently is 43 pips (small now due to the transition from short to long).

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