Note: due to the Christmas holidays the market may be sluggish
$EURUSD
WHAT Forex Target Traders SEE: We are currently sitting @ 1.3037 just under the .786 Fibo. We have a bear flag nicely built on the cross indicating further downside is possible. The day first chart bottom is @ 1.2869 so may reach out to there. There is still further downside possibilities to the 1.2580 and the S7 of this move is the 1.2562. A lot depends on the EU political situation and any real resolve. We are still bearish – for now. The average daily trading range for the cross currently is 152 pips.
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$USDJPY
WHAT Forex Target Traders SEE: We are currently @ 77.81 and have broken out of the wedge but still sideways. Currently just below the .382 Fibo after an attempt to break to the upside. Nothing to do here but watch and wait. Any downside more invites a potential intervention so be cautious. The average daily trading range for the cross currently is 40 pips.
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$GBPUSD
WHAT Forex Target Traders SEE: We are currently @ 1.5520 in a sideways move with a bear flag apparent on the cross. We have a double bottom at the 1.5423 which has proven hard to break. A bounce out of the downtrend would target a move back to the .382 fibo @ 1.5641 . A breakdown will target the double bottom @ 1.5423 and then the day chart support @ 1.5272 and finally the S7 @ 1.5180. The average daily trading range for the cross currently is 129 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT Forex Target Traders SEE: We are currently @ 0.9972 after a bounce. We have a bear flag built on the cross indicating further downside. The next down target is the S6 @ 0.9769 and that may be the bounce point due to the Day chart trendwall just below it. 0.9800 is sure to be a psychological number as well. The target up on a breakout is the .382 Fibo @ 1.0110. The average daily trading range for the cross currently is 165 pips.
