Target Trading in the Forex upcoming week of Jan 27th ,2013

$EURUSD

What Forex Target Traders See: We are currently sitting @ 1.3405. We wrote last week “A break up targets the 1.3483 area”- we topped out at 3484. We are looking for a pullback, probably only to the .382 Fibo @ 1.3399 and then a move to the 3^rd wave R4 @ 1.3500. Overall target is the 1.3600 area. The average daily true range (ATR) for the pair currently is 100 pips.

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$USDJPY

What Forex Target Traders See: We are currently @ 91.00. We are looking for a pullback, probably to the .500 Fibo @ 89.63 and then a move to the 3^rd wave R5 @ 91.58 with an overall target of 92.15 . The average daily true range (ATR) for the pair currently is 106 pips.

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$GBPUSD

What Forex Target Traders See: Cable is currently @ 1.5800. Expecting more bounce but the proof is IF it can break the channel it is currently in. Watch for the direction then at the trend line near 1.5838. A Break up targets the R4 1.5978 area. A Break down below 1.5800 targets the support @ 1.5715 area. The average daily true range (ATR) for the pair currently is 100 pips.

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