$EURUSD
What Forex Target Traders See: We are currently sitting @ 1.2512 and broken out of the day chart trend line and has hooked back to it. We are bullish above 1.2500 but will immediately reverse that if we break significantly below the 1.2500. The targets up are the resistance @ 1.2623 and then the 1.2700 area. The target down are the 0.500 Fibo @ 1.2375 (possible bounce there on the trend line. The average daily true range (ATR) for the pair currently is 98 pips.
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$USDJPY
What Forex Target Traders See: We are currently @ 78.70 in a wedge on the day chart. The dominate trend is to the downside but due to BOJ traders appear reluctant to trade into certain intervention. Should it break down will look for an initial move to the double bottom @ 77.92. If no bounce there – target the S4 @ 77.35. The average daily true range (ATR) for the pair currently is 44 pips.
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$GBPUSD
What Forex Target Traders See: Cable is currently @ 1.5804. We are just barely outside a large range to the upside after breaking an taking out the 1.270 extension. A bounce on the R5 @ 1.5770 would indicate a move to the R6 target @ 1.6003. A bounce failure indicates more ranging back to the R4 @ 1.5626. The average daily true range (ATR) for the pair currently is 78 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
What Forex Target Traders See: We are currently @ 1.0406. The break of the uptrend and lower lows indicates the start of a new trend to the downside. We are reluctant to say goodbye to the uptrend due to the corrective nature of this down move ( very choppy for a trending pair). Never the less, the chart says we are moving down so the targets are: 0.618 Fibo @ 1.0345, 0.786 Fibo @ 1.0272 and the S5 @ 1.0239. Keep the bounce in play at all times. The average daily true range (ATR) for the pair currently is 73 pips.
