Target Trading in the Forex upcoming week of April 29 ,2012

$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.3237 and stuck in a wedge on the day chart. We are bearish as long as we are under 1.3300 ( a break of that confirms the long). We will need to break out of the current up channel and then the initial downside targets are the 0.786 Fibo @ 1.3080 and then the double bottom @ 1.3010. A break above 1.3300 targets the double top @ 1.3386. The average daily true range (ATR) for the cross currently is 88 pips.

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$USDJPY

What ProAct Forex Target Traders See: We are currently @ 81.38 and just above the 80.21 bottom. The cross could go either way but a bounce is our current favored position on that bottom. Targets ups are the R2 @ 81.10 and then support @ 81.85. Targets down might be a return to the support @ 79.50. The average daily true range (ATR) for the cross currently is 65 pips.

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$GBPUSD

What ProAct Forex Target Traders See: Cable is currently @ 1.6256 just below the .786 Fibo on the Day chart @ 1.6327. We also have a rising wedge which is bearish for the cross. A breakdown from the top targets the 0.382 Fibo/S4@ 1.6105. and further bearish move would target the S5 @ 1.5945. A break above 1.6327, look to the -0.270 fib Extension @ 1.6400. The average daily true range (ATR) for the cross currently is 80 pips.

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