Target Trading in the Forex upcoming week of April 22 ,2012

$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.3210 and the former high set April 11, 2012. Reality is that we are in a big sideways move on the day chart. We are bearish as long as we are under the 0.618 Fibo @ 1.3236 ( a break of that confirms the long). The initial downside targets are the 0.500 Fibo @ 1.3110 and then the 0.786 Fibo @ 1.3044. A break north targets the -0.270 Fib Extension@ 1.3286. Bottom line is we need confirmation of either move at this critical spot. The average daily true range (ATR) for the cross currently is 108 pips.

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$USDJPY

What ProAct Forex Target Traders See: We are currently @ 81.56 and just above the Downtrend top channel which is bullish. The cross could go either way but the break up appears to be on a bullish path. Targets ups are the R4 @ 82.72 the R5 @ 85.16. Targets down might be a return to the R1/.786 fibo @ 80.94 and then the 80.31 bottom. The average daily true range (ATR) for the cross currently is 52 pips.

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$GBPUSD

What ProAct Forex Target Traders See: Cable is currently @ 1.6120 just below the top @ 1.6164. We also have a rising wedge which is bearish for the cross. A breakdown from the top targets the 0.500 Fibo @ 1.5986. and further bearish move would target the S4 @ 1.5931. A break above 1.6164, look to the -0.270 fib Extension @ 1.6260. . The average daily true range (ATR) for the cross currently is 104 pips.

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