$EURUSD
WHAT Forex Target Traders SEE: We are currently sitting @ 1.2501. We can clearly see a 5 wave downward movement is completed and should see a abc correction to the upside. I like a movement to the .214 Fibo @ 1.2711 and then get bearish. We could also range this week which would shorten the range to the .382 Fibo @ 1.2620.
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$USDJPY
WHAT Forex Target Traders SEE: We are currently @ 79.38 after a bounce out of the downtrend. I am not convinced yet that the uptrend is in force. While it appears that a bottom has been established for the possible uptrend I would like a little more proof since this so early in the move and it could easily be a false breakout. I will not be totally sold on the Bulls until the R4 @ 80.02 is taken out. Up target is 81.40 area ( R5 and Fib extension). Down target is the bottom @ 77.69 area.
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$GBPUSD
WHAT Forex Target Traders SEE: Cable is currently @ 1.5469. Similar to the EURUSD – We can clearly see a 5 wave downward movement is completed and should see a abc correction to the upside. I like a movement to the .214 Fibo @ 1.5726 and then get bearish.
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT Forex Target Traders SEE: We are currently @ 0.9921 after moving to parity once again. We have already had an ABC correction so that is likely bearish. If that plays out we should see a move to the S5 @ 0.9629. A bounce would take it back to parity.
