Target Trading in the Forex the week of May 13th ,2012

$EURUSD

WHAT Forex Target Traders SEE: We are currently sitting @ 1.2923 on the S5 support after breaking through a significant day chart bottom. I am using a day chart trens since the 240 is too steep and the trend is really easy to see on a day chart. Looking to continue down to the 1.270 Fib extension @ 1.2822. A break lower and we will look to the 1.2695 area ( S6 and 1.618 extension) .

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$USDJPY

WHAT Forex Target Traders SEE: We are currently @ 79.92 after a bounce on the bottom. While it appears that a bottom has been established we still are in the downtrend and building a descending wedge – both are bearish for the cross. I will not be totally sold on the Bulls until the .500 fibo is taken out @ 80.62. If the cross were to break the bottom the target would be the 78.00 area – a pretty big move! Will look to sell on the rallies up to the Trendline.

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$GBPUSD

WHAT Forex Target Traders SEE: Cable is currently @ 1.6075 in a strong up trend and a very small correction comparatively. Since it cannot find a bottom it is going to be difficult to look for a big bullish move even though it is in a uptrend since traders will be skittish about placing buys until the bottom gets established. It may just go flat until it can set the bottom. We may have found some support here off the former top? This might just be a large Bull flag. A break to the downside targets the R3 @ 1.5983 – a bounce here targets the top @ 1.6303

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