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Target Trading In The Forex: Week Of December 21, 2014

ByScott Barkley
Published 12/20/2014, 10:06 AM
Updated 10/05/2023, 10:02 PM


EURUSD
What ProAct Forex Target Traders See: We are currently sitting at 1.227. A couple of different scenarios: 1: bullish: This could be starting a head and shoulders pattern for a move above 1.2500 would target the R5 Resistance at 1.2615 and then the R6 at 1.2870). 2: Bearish : A break down here would set up a nice move to the 2.618 Fibo at 1.2109. The average daily true range (ATR) for the pair currently is 115 pips.
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USDJPY
What ProAct Forex Target Traders See: We are currently at 119.53. A couple of different scenarios: 1: bullish: This could be a bounce for a rally to the R8 again at 121.85. 2: Bearish : A break down here would set up an a-b-c correction to the 0.500 Fibo at 113.51. The average daily true range (ATR) for the pair currently is 166 pips.

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GBPUSD
What ProAct Forex Target Traders See: Cable is currently sitting at 1.5632 in a descending wedge which is ultimately bearish. We are looking first for the S7 at 1.5540 and then the 1.618 Fibo at 1.5293. A break up would target the Former S6 at 1.5917. The average daily true range (ATR) for the pair is 115 pips.
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AUDUSD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is at 0.8142 in a channel. We expect to finish at the day chart support at 0.8073 and then a move to correct at the resistance at 0.8263. The average daily true range (ATR) for the pair currently is 93 pips.EUR/USDUSD/JPYGBP/USDAUD/USD

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