Target Trading in the Forex upcoming week of Dec 24th ,2012

$EURUSD

What Forex Target Traders See: We are currently sitting @ 1.3175 after a breakout of the uptrend. If the move does not prove to be a false breakout we will look for a retrace to the 0.786 Fibo @ 1.2969. If we do move back into the trend ( this is an a-b-c move) we will look to the resistance @ 1.3351. We are bearish below 1.3143. The average daily true range (ATR) for the pair currently is 80 pips.

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$USDJPY

What Forex Target Traders See: We are currently @ 84.23 in the 5^th wave and showing a head and shoulders pattern. We are bullish above 83.25. We are looking to pullback first to the .382 Fibo @ 83.25 and then bounce. First target is the resistance cluster around 85.10 and then the resistance @ 85.47 as the target. The average daily true range (ATR) for the pair currently is 54 pips.

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$GBPUSD

What Forex Target Traders See: Cable is currently @ 1.6160. We have broken into a downtrend but could bounce on the .500 fibo and the old uptrend to the upside. A break here would target the 0.786 Fibo @ 1.6067. The target up is the double top @ 1.6300. The average daily true range (ATR) for the pair currently is 61 pips.

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