Target Trading in the Forex upcoming week of Sep 16th ,2012

$EURUSD

What Forex Target Traders See: We are currently sitting @ 1.3120 near the top of the trend to the upside. We are bullish above 1.3000. We should see a correction and then a continuation to the R7 @ 1.3224. The target above the R7 resistance is 1.270 Fib extension @ 1.3287. The correction target is the .500 Fibo @ 1.2964 (look for a bounce there). The average daily true range (ATR) for the pair currently is 109 pips.

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$USDJPY

What Forex Target Traders See: We are currently @ 78.39 after a strong bounce on the S4. I think we are seeing a little help from the BOJ. The dominate trend is still to the downside but we expect that this will be broken – maybe this week. Should it fail and break down will look for an initial move to the double bottom @ 77.35. If we do in fact break north – target the R4 @ 79.68. The average daily true range (ATR) for the pair currently is 45 pips.

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$GBPUSD

What Forex Target Traders See: Cable is currently @ 1.6227. We are approaching the top of a trend to the upside in the 5^th wave. This would indicate a move to the 5^th wave R6 target @ 1.6365. Look for a correction first back to the .382 Fibo @ 1.6140. 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!