Target Trading in the Forex upcoming week of June 17,2012

Note: Due to EXTREME event risk this weekend – allow for an extreme move in either direction.

$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.2657 in a sideways move which may continue due to the EXTREME event risk this weekend. We are bullish but extremely cautious. We could continue the sideways move as they sort out the event. A break of the R5 and we will look for the R6 target @ 1.2901. Lower target this week is the bottom @ 1.2300. The average daily true range (ATR) for the pair currently is 114 pips.

—————————————————–

$USDJPY

What ProAct Forex Target Traders See: We are currently @ 78.67 and it is possible that we have a top in place. We could continue the sideways move as they sort out the event. We could go either way but a continuation to the downside is our preferred analysis. A break of the .618 Fibo and we will look for the double bottom @ 77.66 Upper target this week is the -0.618 Fib extension @ 81.04. The average daily true range (ATR) for the pair currently is 54 pips.

—————————————————–

$GBPUSD

What ProAct Forex Target Traders See: Cable is currently @ 1.5701 approaching the .500 Fibo. We expect a correction back to the R5 and then a move to the R6 @ 1.5887. A breakdown targets the double bottom @ 1.5268. The average daily true range (ATR) for the pair currently is 137 pips.

—————————————————–

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