Target Trading in the Forex upcoming week of Oct 7th ,2012

$EURUSD

What Forex Target Traders See: We are currently sitting @ 1.3030 on the 0.382 Fibo. We are bullish above 1.3000. We should see a bounce and then a continuation to the R5 @ 1.3187. The target above the R5 resistance is resistance cluster @ 1.3227. The average daily true range (ATR) for the pair currently is 99 pips.

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$USDJPY

What Forex Target Traders See: We are currently @ 78.67 just out of the downtrend on the day chart. 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 42 pips.

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$GBPUSD

What Forex Target Traders See: Cable is currently @ 1.6130. We are approaching the bottom of a large wedge on the 4 hour chart (1.6172) and until we break out of this we are flat. Targets down are: .786 fibo @ 1.5929. Targets up areR5 cluster @ 1.6360. The average daily true range (ATR) for the pair currently is 85 pips.

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