Target Trading in the Forex upcoming week of Aug 12,2012

$EURUSD

What Forex Target Traders See: We are currently sitting @ 1.2294 after correcting to the .618 Fibo @ 1.2253. We are bullish and we could still see a hort move to the trend line and then a move to the R5 Target (also the .500 Fibo) @ 1.2431. This would also complete the 5^th wave. The overall target is the resistance @ 1.2480 area. The average daily true range (ATR) for the pair currently is 129 pips.

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$USDJPY

What Forex Target Traders See: We are currently @ 78.27 and we just broke out of the upward channel. We do not want to rule out a move down to 77.93 but essentially the pair is Flat! If we get the move to the bottom expect that to be a bounce point due to fears of BOJ intervention. The average daily true range (ATR) for the pair currently is 51 pips.

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$GBPUSD

What Forex Target Traders See: Cable is currently @ 1.5683. We are still inside a large range with a slight uptrend so are anticipating a move to the R5 @ 1.5776 area. A failure to break would indicate a corrective move back to the 0.786/R2 area @ 1.5485. Should know that pretty quick since we are at the day chart trend line. The average daily true range (ATR) for the pair currently is 124 pips.

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