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Forex Target Trading: Week Of March 23rd , 2014

ByScott Barkley
Published 03/22/2014, 10:20 AM
Updated 10/05/2023, 10:02 PM


EUR/USD
What ProAct Forex Target Traders See: We are currently sitting @ 1.3797. We said last week “look for the correction back to 1.3800.”. Decision time: We are potentially starting a large downtrend but also at a bounce point and a break of the 1.3750 will confirm a move to the day chart Trend around 1.3665- 1.3591. A bounce we will look for the top @ 1.4000. The average daily true range (ATR) for the pair currently is 79 pips.

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USD/JPY
What ProAct Forex Target Traders See: We are currently @ 101.12 (same as last week) in a triangle after FOMC. A couple of different scenarios: 1: bullish: a move to the upper trend line @ 103.00 and break out we will look to the support @ 104.00. 2: Bearish : A break down out of the triangle would set up a C wave to the day chart trendline near 100.22. 3: a range trade is it goes sideways . The average daily true range (ATR) for the pair currently is 70 pips.

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GBP/USD
What ProAct Forex Target Traders See: Cable is currently sitting @ 1.6494. Will look for an initial corrective wave before a move to the 0.786 Fibo with further targets @ the S6 @ 1.6219. The average (14 day) daily true range (ATR) for the pair currently is 82 pips.
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AUD/USD
What ProAct Forex Target Traders See: Aussie is @ 0.9087 and appears to have put a top in place. A break down is the preferred route ( although a short move to the 0.9114 needs to be considered) to the 0.786 Fibo @ 0.8970 with further target@ 0.8907 The average daily true range (ATR) for the pair currently is 78 pips.EUR/USDUSD/JPYGBP/USDAUD/USD

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