Target Trading in the Forex upcoming week of Sep 30th ,2012

$EURUSD

What Forex Target Traders See: We are currently sitting @ 1.2851 after bouncing on the 0.786 Fibo. It is quite possible that we have put the bottom in but that is a very cautious position at this point so will not rule out a greater fall. A break north target the 5^th wave R6 @ 1.3111 then the 1.270 fib extension @ 1.3283 with the 1.3426 as the outer target. A break south – target the 1.2759 area. The average daily true range (ATR) for the pair currently is 111 pips.

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$USDJPY

What Forex Target Traders See: We are currently @ 77.92. The dominate trend is still to the downside but the higher low indicates a possible move northward. Reality is that we are stuck in a big sideways move. Nothing to do here but wait for direction. The average daily true range (ATR) for the pair currently is 51 pips.

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$GBPUSD

What Forex Target Traders See: Cable is currently @ 1.6142. We saw an attempt to break down on Friday that was not successful and that failure leads us to believe that the market is turning bullish. This level (0.500 Fibo and potential trend wall) indicates a possible move to the R6 target @ 1.6364. It is pretty clear that this move is a corrective more (and more sideways then down) which also helps to evaluate potential moves next week. The average daily true range (ATR) for the pair currently is 87 pips.

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