Target Trading in the Forex week of July 30th, 2017

Note:  Currently USDX is bearish

$EURUSD

What ProAct Forex Target Traders See:   We are currently sitting @ 1.1760 in the top of a trend nearing the top of a 3rd wave.  With USDX down the Euro needs to go up but no room. A couple of different scenarios:  1:  Bullish: a sideways move and then another thrust to 1.618 Fibo @ 1.1845 area and 2: Bearish: A break down to complete a 4th wave and then bounce for a 5th wave. The average daily true range (ATR) for the pair currently is 81 pips.

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$USDJPY                                                                                                                   

What ProAct Forex Target Traders See:  We are currently sitting @ 110.58 in a 5th wave.   We are looking to continue down to the square up support @ 109.87 area and watch for a bounce there. The average daily true range (ATR) for the pair currently is 85 pips.

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$GBPUSD                                                                                                                   

What ProAct Forex Target Traders See:  Cable is currently @ 1.3149 and in a 3rd wave up.  We are also in a possible rising wedge which is bearish for the pair. If the wedge proves out it will give the pair an opportunity to print a 4th wave down.  If not look to the Day top @ 1.3422.   The average daily true range (ATR) for the pair currently is 82 pips.

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

What ProAct Forex Target Traders See: We are currently sitting @ 0.7987 and in a 5th and final wave up.  Watch for a head and shoulders and then a move to the downside once the USDX flips.   The average daily true range (ATR) for the pair currently is 80 pips.