$EURUSD
WHAT Forex Target Traders SEE: We are currently sitting @ 1.3516. After a correction to the .500 Fibo we printed a set of twins to the downside. We appear to be conituing a move to the downside. We are looking for a move back to the 1.3422 double bottom with further targets @ the -0.270 Fibo extension then the S7 @ 1.3267. Look for a reversal there. There is strong resistance @ 1.3644 and the upper Target to the upside if we break that is the .786 Fibo @ 1.3729. The average daily trading range for the cross currently is 166 pips.
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$USDJPY
WHAT Forex Target Traders SEE: We are currently @ 76.91 and continue to slide into the abyss. A possible bounce point is the .786 Fibo @ 76.44 and could see continued downside which would court intervention again. The bounce would seek the R5 target @ 79.32. We are on the sidelines with the exception of the intervention trade that is a pending order, until this gets sorted out. The average daily trading range for the cross currently is 42 pips.
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$GBPUSD
WHAT Forex Target Traders SEE: We are currently @ 1.5789 after printing a set of twins near the .500 fibo. Currently resting on the S5 support. A break down targets the -0.270 Fib Extension @ 1.5574 and the S6 @ 1.5754 area. Abounce here would target a move back to the .786 Fibo @ 1.6020. We are bearish. The average daily trading range for the cross currently is 148 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT Forex Target Traders SEE: We are currently @ 1.0014 and just above parity. We would like to see a slow move down to the S7 @ 0.9765 (look for a bounce there) slow because a fast move would trigger a bounce far short of the target. A break of the -0.270 fib extension @0.9963 would help confirm that. and then a continued run at the top again. A bounce would give us the target back at the .500 fibo@ 1.0231. The average daily trading range for the cross currently is 178 pips.
