$EURUSD
What Forex Target Traders See: We are currently sitting @ 1.2936 just above the 0.786 Fibo after bouncing on the day chart trend line. We are bullish above 1.2975 and waiting for the bounce to prove that. We cannot rule out continued downward traction to a double bottom @ 1.2821 area. We should see a bounce there. A break up would target the 0.214 fibo @ 1.3073. The average daily true range (ATR) for the pair currently is 87pips.
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$USDJPY
What Forex Target Traders See: We are currently @ 79.61 after an impressive rally reaching the 3rd wave R4 target @ 80.31. We are bullish above 79.20. Should it break below 79.20 look to the 78.83 and a trend break out, look for 77.97. Should it bounce above the79.20 look to the first wave R5 resistance @ 80.91 as the target. The average daily true range (ATR) for the pair currently is 41 pips.
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$GBPUSD
What Forex Target Traders See: Cable is currently @ 1.6093. We are in a large down trend. The targets down are: second wave support/S3 @ 6031, Then S4 support @ 1.5950 then the support area around @ 1.5870. We should see some bounce on the 1.5900 support. The average daily true range (ATR) for the pair currently is 79 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
What Forex Target Traders See: Aussie is currently @ 1.0368 stuck in a wedge. The many attempts to break upward suggests that the pair is trying to establish an uptrend. If we get a break out above the R4 @ 1.0384 we will look for the R5 target this week @ 1.0525. A failure to break and a move out of the wedge down would target the double bottom @ 1.0146. The average daily true range (ATR) for the pair currently is 72 pips.
