Target Trading in the Forex upcoming week of Jan 6th ,2013

$EURUSD

What Forex Target Traders See: We are currently sitting @ 1.3072 strong correction. Expecting to start the process of building an uptrend which would need a thrust upward and then a pullback to a higher low. Any thrust upward should be approached cautiously since it might only be a pullback to keep the down move intact. Prefer to sit on the sidelines for a while. If the current move does prove to be a false breakout we will look for a retrace to the 0.214 Fibo/R4 @ 1.3236. A breakdown targets the 1.2868 area. The average daily true range (ATR) for the pair currently is 77 pips.

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$USDJPY

What Forex Target Traders See: We are currently @ 88.13 in the 5^th wave and looking for a move back to the 86.50 area. Look for a head and shoulder and abc pattern. We are bullish above 86.50. First target up would be the double top where we are currently after the correction. The average daily true range (ATR) for the pair currently is 62 pips.

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$GBPUSD

What Forex Target Traders See: Cable is currently @ 1.6064 in a large sideways move on the day chart and at the .500 Fibo on that chart. Although the fibo is a bounce point it may prove the possible new downtrend on a failure to come back into the old trend. A downtrend would target the day chart bottom @ 1.5831. The target up is the double top @ 1.6300. The average daily true range (ATR) for the pair currently is 57 pips.

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