Target Trading in the Forex upcoming week of July 22,2012

$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.2157 just above the 1.618 Fibo extension. We broke the Bear flag which indicates more downside move and are sitting near the day chart bottom @ 1.2111 which will probably create a bounce. A breakdown will target a move to the double 1.2087 and then the 1.1943. The average daily true range (ATR) for the pair currently is 106 pips.

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$USDJPY

What ProAct Forex Target Traders See: We are currently @ 78.48 after breaking though the S3 @ 78.67 . WE are also building a descending wedge which is bearish and a break of this will confirm the move to the S4 @ 77.78. A break up, look for the .618 fibo @ 79.01 before resumption of the down trend. The average daily true range (ATR) for the pair currently is 46 pips.

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$GBPUSD

What ProAct Forex Target Traders See: Cable is currently @ 1.5615 with a set of down twins on the day chart indicating a reversal to the downside. This could still be a false break back into the down trend so be wary of that. We expect a break down to theS4 initially @ 1.5542 and then a move to the S5 @ 1.5398. A break up would target the double top @1.5775. The average daily true range (ATR) for the pair currently is 122 pips.

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