$EURUSD
What Forex Target Traders See: We are currently sitting @ 1.3172 after an impressive upside move. We are right at the day chart trend line so traditional wisdom says look for the bears. We are not so sure! Wave 2 was very shallow so that may lend credibility that this is only wave 3 of the up move so it is prudent to prepare for a breakout and trade the longs or the short once it is proven. Expecting a pullback at current levels and then continuation to the upside first to the resistance area @ 1.3239-1.3273. We are bearish below 1.3100 to 1.3015. The average daily true range (ATR) for the pair currently is 78 pips.
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$USDJPY
What Forex Target Traders See: We are currently @ 83.45 at the top of the trend line. We are bullish above 82.60. We are ooking to pullback first to the .318 Fibo @ 83.25 or maybe the .618 and then bounce. First target is the resistance cluster around 84.00 then 85.10 as the target. The average daily true range (ATR) for the pair currently is 55 pips.
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$GBPUSD
What Forex Target Traders See: Cable is currently @ 1.6168. We have broken the downtrend and are now positioning for a shallow run ( ATR has reduced from 90 down to 61) to the upside. The targets up are: Double top @ 1.6306, Then R6 resistance @ 1.6437. The average daily true range (ATR) for the pair currently is 61 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
What Forex Target Traders See: Aussie is currently @ 1.0562. We have broken out of the wedge and looking for a move to the day chart top @ 1.0613. A break here signals a move to the 3rd wave R4 target @ 1.0629 with the overall target @ 1.0665. The average daily true range (ATR) for the pair currently is 53 pips.