Target Trading in the Forex upcoming week of Aug 5,2012

$EURUSD

What Forex Target Traders See: We are currently sitting @ 1.23381 after decisively breaking through the R4 @ 1.2287. We are bullish and expect a small pull back and then a move to the R5 Target (also the .500 Fibo) @ 1.2431. This would also complete the 3^rd wave. The overall target is the R6 @ 1.2664 area – but if we go fast look for the 1.2615 Resistance. The average daily true range (ATR) for the pair currently is 159 pips.

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$USDJPY

What Forex Target Traders See: We are currently @ 78.57 and we think a bottom has been put in on the pair – at least temporarily. We do not want to rule out a deeper move down to the S5 but essentially the pair is Flat! IF this bottom is just a bounce to get the corrective move underway to find sellers for the S5 target @ 76.86. Will look for that move at around the 0.382/S3 @ 79.19. The average daily true range (ATR) for the pair currently is 47 pips.

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$GBPUSD

What Forex Target Traders See: Cable is currently @ 1.5644. We are inside a large range with a slight uptrend so are anticipating a move to the R5 @ 1.5773 area. A failure to break would indicate a corrective move back to the 0.786/R2 area @ 1.5485. The average daily true range (ATR) for the pair currently is 145 pips.

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