Target Trading in the Forex week of 02/11/18

Note: USDX shows strength but may travel sideways for a while – should affect all USD pairs. ATR’s have stabilized.

$EURUSD

What ProAct Forex Target Traders See: Bearish: We are currently sitting @ 1.2231 in a 3rd wave and putting in a double top. We are now looking for a continuation of the wave down with the first targets the 0.618 Fibo @1.2154 and the S5/0.786 Fibo @ 1.2050 area. Watch for the 4th wave bounce there. The average daily true range (ATR) for the pair currently is 114 pips.

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$USDJPY

What ProAct Forex Target Traders See: Bullish: We are currently sitting @ 108.58 at the bottom of a range. We are looking to bounce with a head and shoulders pattern and then start the move to the 0.618 Fibo @ 110.75 and then a continuation up to the square up @ 112.00. The average daily true range (ATR) for the pair currently is 103 pips.

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$GBPUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.3806 in a 3rd wave. We are looking for a continuation down to the 0.786 FiboS6/ support area @ 1.13622-70 and then the 4th wave bounce. Overall target is 1.3449. The average daily true range (ATR) for the pair currently is 173 pips.

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

What ProAct Forex Target Traders See: We are currently sitting @ 0.7789 in a large range for the pair. We are looking to consolidate for a short while and then continue to the 0.786 Fibo @ 0.7637 with the overall target eventually the 0.7500. The average daily true range (ATR) for the pair currently is 83 pips.