Target Trading in the Forex the week of January 15th ,2012

$EURUSD

WHAT Forex Target Traders SEE: We are currently sitting @ 1.2684 on the day chart bottom. This is also 1/2 way through of the current wave 5. There have been multiple bounces at this level in the past so don’t rule one out now. If so look for the .786 as the ceiling. There is still room to the downside below that to the -0.786 fib extension @ 1.2587 and then the S6 @1.2464. We are still bearish – for now but a bounce looks very likley. The average daily trading range for the cross currently is 145 pips.

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$USDJPY

WHAT Forex Target Traders SEE: We are currently @ 76.96 but still sideways. Normally we would look for a short here but with the US dollar strengthening looks like a move to the top is more in line. The target to the upside is 77.79 ( R2) and then the R3 @ 78.04. IF we can break the 76.66 bottom the target would then be the 75.54 Support. Better play is the EURJPY since the USD is being bought pretty much bought across the board. Any downside more invites a potential intervention so be cautious. The average daily trading range for the cross currently is 32 pips.

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$GBPUSD

WHAT Forex Target Traders SEE: Cable is currently @ 1.5323 and is testing the strong bottom at the 1.5423 which has proven hard to break. A break of the bottom would target a move to the S6 @ 1.5159 with more strong support below @ 1.5025. A bounce looks like a move back to the top of the trendline around 1.5400-1.5442 area. The average daily trading range for the cross currently is 126 pips.

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