Target Trading in the Forex upcoming week of May 6th ,2012

$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.3089 in a well built downtrend. We are bearish to the S4 @ 1.3051 ( a break of that confirms a continued short). The 1.3065 is the Day chart bottom which could very easily be the bounce point if the bulls come back. A break below the 1.3065 and look to the next bottom @ 1.2995. A bounce target the move back to the 0.500 Fibo @ 1.3175. The average daily true range (ATR) for the cross currently is 88 pips.

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$USDJPY

What ProAct Forex Target Traders See: We are currently @ 79.84 and just above the 79.64 and 79.54 bottom. The cross could go either way but a bounce is our current favored position on that bottom. Targets ups are the R2 @ 80.42 and then resistance at the R3 @ 80.97. The average daily true range (ATR) for the cross currently is 68 pips.

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$GBPUSD

What ProAct Forex Target Traders See: Cable is currently @ 1.6151 just above the .786 Fibo. We had a break of the rising wedge but no deep correction which hints at a continued bullish move ( although they could finally get that correction under way next week). A breakdown targets the interim bottom @ 1.6089 and further bearish move would target the R4 @ 1.6302 and continued upside to the R6 @ 1.6429. The average daily true range (ATR) for the cross currently is 73 pips.

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