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AUDNZD – channel

Bearish: Currently we are @ 1.0522 in a 3rd wave and waiting for AFTER FOMC. We are looking for a continuation to the 1.270 Fibo @ 1.0496 with an overall target of the S4 Wave Target @ 1.0434. The average daily true range (ATR) for the pair currently is 68 pips.

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AUDUSD – channel

Currently we are @ 0.7735 in a range and just breaking out of the wedge. We are looking for a continuation to the 0.618 Fibo @ 0.7832. The average daily true range (ATR) for the pair currently is 59 pips.

 

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GBPJPY – channel

Currently we are @ 151.17 in a nice channel. We also have an ascending wedge so are looking for a continuation to the 1.618 Fibo@ 151.82 and then 152.27. The average daily true range (ATR) for the pair currently is 140 pips.

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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.

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GBPAUD – flag break

Currently we are @ 1.8266 in a flag pattern. We are looking for a break of the flag and then a continuation to the square up/S3 @ 1.8218 and a continuation to the S4 @ 1.8138 @ 1.5916. This is our Real Estate of the Month trade and we are already in at the 1.8329 level. The average daily true range (ATR) for the pair currently is 161 pips.

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April Real Estate of the Month Trade Setup Idea

This month's ProAct Traders “Real Estate of the Month” (formerly the pay your mortgage trade) idea is found in the GBPAUD pair.

04/03/18 1.8318 start

We are waiting for the turn on the top of the flag and start a 3-4-5 wave pattern in a trend to the 1.7710 area. CAUTION: There are always 2 or more alternative counts in Elliott Wave.

We expect wave 3 to continue to the 1.7950 area which is roughly 368 pips. After a 4th wave pullback (tradeable for advanced traders) to the 1.8165 area, our next target is the bottom support area at 1.7710. This move could yield 455 pips.

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Possibility of using an entry limit order on this market

The EURJPY is currently trading in a box. Price is retracing to a zone of resistance between 131.00 and 131.10. Next target would be around 129.60 and 129.50 giving an opportunity of 150 pips. Risk to reward of 3/1. 

Trade idea: Entering with an entry order at zone of resistance and adding to the position when price breaks single line trendline. 

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EURAUD

Bearish: Currently we are @ 1.5990 after a nice reversal. We are looking for a continuation to the 0.500 Fibo @ 1.5916 and then a bounce there. The average daily true range (ATR) for the pair currently is 126 pips

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GBPJPY – Top break

Currently we are @ 149.62 in a nice range. We are looking for a continuation to the 0.214Fibo @ 149.89 and then on to the top @ 150.50. The average daily true range (ATR) for the pair currently is 149 pips.

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