Target Trading in the Forex week of 01/28/18

Note: USDX shows weakness but may travel sideways for a while – should affect all USD pairs. ATR’s have really jumped from last week.

$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.2421 after finishing a 5th wave. We are now looking for 5 waves to the R6 @ 1.2542. Waiting for the 2nd wave to be established then look to the 0.786 Fibo for this week @ 1.2049. There is a possibility that the 5th wave needs to go higher due to the USDX weakness. The average daily true range (ATR) for the pair currently is 106 pips.

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$USDJPY

What ProAct Forex Target Traders See: We are currently sitting @ 108.68 inside a third wave. We are looking for a continuation down to the S6 support @ 107.29 and then the 4th wave before the resumption to the 106.84.

The average daily true range (ATR) for the pair currently is 84 pips.

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$GBPUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.4147 in a 3rd wave which MAY have finished. We will need an abc correction 4th wave to the 0.500 Fibo @ 1.3901 before continuing the 5th wave past the R6 to the 1.270 Fibo @ 1.4583. The average daily true range (ATR) for the pair currently is 140 pips.

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

What ProAct Forex Target Traders See: We are currently sitting @ 0.8120 in a large range for the pair. As long as the USDX keeps weakening we should see this pair keep climbing. We are looking to continue to the 1.270 Fibo @ 0.8293. The average daily true range (ATR) for the pair currently is 65 pips.