Target Trading in the Forex upcoming week of May 27th ,2012

Note: Remember Monday is a holiday in the USA and Europe

$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.2513 in continuance in a well built downtrend. We are bullish but we have not set the bottom of the trend wall yet to the upside. We expect some correction or at least a sideways move, most likely at the S6 and 0.618 fibo ( 06/06/2010 – 05/08/2010 high low) @ 1.2456 area. Lower target this week is S7@ 1.2298. The average daily true range (ATR) for the cross currently is 120 pips.

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$USDJPY

What ProAct Forex Target Traders See: We are currently @ 79.67 on the former support. The cross could go either way but a continuation to the downside is our current favored position. A break of the Demand Line should give an initial thrust to 78.76. Next target down is the confluence of the 0.618 Fibo and support @ 78.34 and then the confluence @ 78.10. The average daily true range (ATR) for the cross currently is 63 pips.

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$GBPUSD

What ProAct Forex Target Traders See: Cable is currently @ 1.5660 on a significant Day chart bottom. We expect a correction back to the .500 Fibo @ 1.5740 before resumption to the downside. A breakdown targets the 4.236 fib Extension @ 1.5572 and further target @ 1.5495. The average daily true range (ATR) for the cross currently is 96 pips.

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