Target Trading in the Forex upcoming week of April 8th ,2012

$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.3099. We are definitely bearish from here having broken the former Day chart trend line. Due to the lack of a second or third lower high I have used the Day chart trend to show the down move. The EURUSD is building a nice bear flag after the bounce on the -0.270 fib extension. The initial downside targets are the S5 @ 1.3016 to -0.618 Fibo @ 1.2946 and overall target is the S6 @ 1.2783. The average daily trading range (ATR) for the cross currently is 108 pips.

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$USDJPY

What ProAct Forex Target Traders See: We are currently @ 81.54 and a correction is underway – but how far? We are sitting on the day chart resistance and we could run sideways here due to possible BOJ intervention to the downside. The next support is sittin at 80.25. Target down might be the 80.60 bottom but if we get some traction could look to the S5 @ 80.39. Look for a bounce there. The average daily trading range (ATR) for the cross currently is 110 pips.

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$GBPUSD

What ProAct Forex Target Traders See: Cable is currently @ 1.5876 in a very large sideways move on the day chart. We do have the semblance of a downtrend and a breakdown of the 1.5805 bottom would confirm a potential move initially to the -0.270 Fib extension @ 1.5735 area. A break below that and look for the S5 @ 1.5683. Expect more sideways if they can’t break down. The average daily trading range (ATR) for the cross currently is 98 pips.

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