On Demand

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

by

$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.

eurusd-ws1-19.jpg

-----------------------------------------------------

$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.

usdjpy-ws1-19.jpg

-----------------------------------------------------

$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.

gbpusd-ws1-19.jpg

-----------------------------------------------------

$AUDUSD - A great smooth currency for Newbie's!

What ProAct Forex Target Traders See: We are currently @ 1.0185 and near the bottom of the range. A bounce could happen at the 1.236 fibo extension @ 1.0136. We could see a pullback or reversal there. A break of that look to the S5 @ 1.0099. The average daily true range (ATR) for the cross currently is 89 pips.

audusd-ws1-19.jpg

0 Comments

Join In on this conversation, post a comment below.
No comments yet... Be the first to comment.

About the Author

<p>We exist to help traders learn to be successful in the Forex.</p>

<p>The Forex market can be a cruel master and while the FOREX looks easy, it is not. There are hundreds of websites dedicated to telling novice traders that trading the Forex is easy. If that were true, why is it that most traders fail in the FOREX? Don't fall for the hype on all those other websites - you know better then that. This takes work, time and dedication to learning a new business. But like all businesses you need to use the best tools available to get the job done.</p> <p>If you are serious about the Forex, Take advantage of our FREE Training, FREE TUTORIALS, FREE live trading room and a free 2 week trial of our charting software.</p> <p>&nbsp;</p>

Membership is Free. Join Now in less than 5 seconds! Alternatively Join or Sign In here.