$EURUSD
WHAT Forex Target Traders SEE: We are currently sitting @ 1.3156 after the bounce off the 1.3000 bottom. Market is pretty flat so will expect another move to the downside to set the bottom of a better trend then currently shown. There is still room to the upside but 1.3600 should cap any more upside. Looking to break above the .382 Fibo @ 1.3190 and target the -0.270 Fib extension next @ 1.3417 . A failure to break the .382 Fibo is Bearish for the cross and we will look to the double bottom @ 1.3000. We are bullish after the bottom trend line is in place. The average daily trading range for the cross currently is 129 pips.
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$USDJPY
WHAT Forex Target Traders SEE: Finally a nice start to February. We are currently @ 79.49 after a strong trending market. We are pips away from a top on the day chart so although long term we are bullish should sell a significant sell off this week. The R5 Target @ 79.82 may get hit before the pullback. Any downside should be viewed as an opportunity to buy on the dips. The average daily trading range for the cross currently is 62 pips.
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$GBPUSD
WHAT Forex Target Traders SEE: Cable is currently @ 1.5833 and is keeping its head up just under the R4@ 1.5878. We need to put a bottom in this current version of the trend for a run at the 4.236 fibo and R5 targets in the 1.5900 area. A break to the downside below the R2 targets the 1.5645 area. We are bullish. The average daily trading range for the cross currently is 104 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT Forex Target Traders SEE: We are currently @ 1.0717 after pulling back from the R7 target @ 1.0846. There is room initially to the R4 @1.0862 resistance . A break here targets the R5 @ 1.011 then the 1.270 Fibo @ 1.1115. A failure to break the R4 and a reversal (double top) would take it back to the R2 @ 1.0718. The average daily trading range for the cross currently is 116 pips.
