Target Trading in the Forex upcoming week of Oct 14th ,2012

$EURUSD

What Forex Target Traders See: We are currently sitting @ 1.2956 on the 0.618 Fibo. We are bullish but we are stuck in a wedge. We should see a bull break and then a continuation to the R5 @ 1.3187. The target above the R5 resistance is resistance cluster @ 1.3240. The average daily true range (ATR) for the pair currently is 98 pips.

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$USDJPY

What Forex Target Traders See: We are currently @ 78.40 bouncing on the strong support there. The dominate trend is now to the upside. Should it break above the R3 @ 78.87 will look for an initial move to the R4 @ 79.36. Above that – target the resistance @ 79.85. The average daily true range (ATR) for the pair currently is 44 pips.

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$GBPUSD

What Forex Target Traders See: Cable is currently @ 1.6077. We are in a large corrective Bear Flag which is bearish for the cross. Until we break out of this we are flat. Targets down are: 5^th wave S4 @ 1.5989 then the 1.618 Fibo extension @ 1.5900. Target up is the .500 fibo @ 1.6120. The average daily true range (ATR) for the pair currently is 87 pips.

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