$EURUSD
WHAT Forex Target Traders SEE: We are currently sitting @ 1.2722 on the .786 Fibo with room to the bottom set on 08/29/2011 @ 1.2585. This is also the S7 of the current wave. There is still room to the downside below that to the 1.270 fib @ 1.2399 and then the 1.1879. We could see a bounce here to the .618 Fibo and then resumption or depending on the economic climate next week we could just go immediately. We are still bearish – for now. The average daily trading range for the cross currently is 123 pips.
—————————————————–
$USDJPY
WHAT Forex Target Traders SEE: We are currently @ 77.00 and have broken out of the wedge but still sideways. Currently we rebounded to the .618 Fibo and it looks like just a retracement. MACD is clearly in bear mode. The target to the downside IF we can break the 76.61 bottom is the S4 @ 75.90. 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 41 pips.
—————————————————–
$GBPUSD
WHAT Forex Target Traders SEE: Cable is currently @ 1.5428 in a sideways move 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 support @ 1.5318 with the -0.270 Fib extension below @ 1.5257 and finally the S7 @ 1.5107. A bounce looks like a move back to the top of the sideways move @ 1.5680. The average daily trading range for the cross currently is 132 pips.
—————————————————–
$AUDUSD – A great smooth currency for Newbie’s!
WHAT Forex Target Traders SEE: We are currently @ 1.0228 and stuck in a wedge on the day chart. We are still in an uptrend but should it break the 1.0200 we will look for a downside move. Should it stay in the uptrend look for a move to the 1.0429. The breakout to the downside should move the cross to the S5 @ 1.0040 but it could breakout and bounce on the .500 Fibo @ 1.0124. Look to the USD for clues as to direction beginning of the week. The average daily trading range for the cross currently is 103 pips.
