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

What ProAct Forex Target Traders See:   We are currently sitting @ 1.1895 inside a channel in a range.  A couple of different scenarios:  1:  Bullish: a move to the range top @ 1.2095 area and 2: Bearish: A break down to the 0.786 Fibo @ 1.1669. The average daily true range (ATR) for the pair currently is 73 pips.

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$USDJPY                                                                                                                   

What ProAct Forex Target Traders See:  This is our November Real Estate of the Month Trade (swing trade).  We are currently sitting @ 112.04 in a potential 5th wave after a possible false breakout.  A couple of different scenarios:  1:  Bullish: a move to the range top@ 114.40 area and 2: Bearish: A break down to the double bottom support @ 108.77. The average daily true range (ATR) for the pair currently is 76 pips.

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$GBPUSD                                                                                                                   

What ProAct Forex Target Traders See:  We are currently sitting @ 1.3468 in a channel at the top of a range.  A couple of different scenarios:  1:  Bullish: a move to the range top @ 1.3650 area and 2: Bearish: A break down to the 0.618 Fibo @ 1.2995.  The average daily true range (ATR) for the pair currently is 98 pips.

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

What ProAct Forex Target Traders See: We are currently sitting @ 0.7612 completing 5 waves down so structure tells us that we need to be bullish. A couple of different scenarios:  1:  Bullish: a move to the 0.786 Fibo @ 0.7819 area and 2: Bearish: A break down to the double bottom support @ 0.7316.