Target Trading in the Forex week of 01/21/18$

Note: USDX shows weakness but near the bottom of its trend and may travel sideways for a while – should affect all USD pairs. ATR’s are starting to move up.

$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.2233 in a 5th wave and in a sideways move which is continued bullish bias. We are looking for continuation of a 5th wave to the R6 @ 1.2542. The average daily true range (ATR) for the pair currently is 89 pips.

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$USDJPY

What ProAct Forex Target Traders See: We are currently sitting @ 111.06 inside a big range and quite possible trending in a third wave. A couple of different scenarios: 1: Bullish: a move to the double bottom square up @ 112.15 and then continued sideways move. 2: Bearish: A break down to the 1.618 Fibo support @ 109.05. The current abc pattern suggests the former but will depend on the USDX. The average daily true range (ATR) for the pair currently is 67 pips.

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$GBPUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.3872 in a 3rd wave that is at the top of the trend. We will need an abc correction 4th wave before continuing the 5th wave to the R6 @ 1.4069. The average daily true range (ATR) for the pair currently is 93 pips.

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

What ProAct Forex Target Traders See: We are currently sitting @ 0.8001 in a large range for the pair. We have possible divergence in the pair, so we are looking for a finish at the range top @ 1.8100ish and then a break down now to the 0.382 Fibo. support @ 0.7889.. The average daily true range (ATR) for the pair currently is 59 pips.