Target Trading in the Forex week of April 8th, 2018

Note: USDX is in a bearish move with downside convergence and we expect it to continue to the downside after negative non-farm payroll numbers on Friday.  Be aware that that could change in a heartbeat and will affect the currencies below.  ATR’s have decreased considerably but may be due to the low participation of NFP week.

$EURUSD

What ProAct Traders See:  Bullish: We are currently sitting @ 1.2286 in a range. We are looking for a continuation to the upside to the 0.214 Fibo/small top @ 1.2470 and then a further move to 1.2559 top.   The average daily true range (ATR) for the pair currently is 69 pips.

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$USDJPY                                                                                                                                                 

What ProAct Traders See: Bearish: We are currently @ 106.88 trying to make the turn to the downside. We have convergence to the downside so will be looking for a continuation to the 0.786 Fibo @ 105.73 and then a continuation to the range bottom @ 104.64. The average daily true range (ATR) for the pair currently is 75 pips.

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$GBPUSD                                                                                                                                                  

What ProAct Traders See:  Bullish: Cable is currently sitting @ 1.4090 in a range.  We are looking for a continuation to the square up/0.214 Fibo @ 1.4225 and then to the range top @ 1.4345. The average daily true range (ATR) for the pair is 94 pips.

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

What ProAct Traders See:  Bullish: Aussie is @ 0.7677 in a large range for the pair and convergence starting to the upside.  We are watching for a breakout of the triangle and a continuation up to the 0.500 Fibo @ 0.7891 area and then to the 0.8000 area.  The average daily true range (ATR) for the pair currently is 47 pips.