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Target Trading in the Forex Upcoming Week: October, 13 2013

ByScott Barkley
Published 10/11/2013, 09:25 PM
Updated 10/05/2023, 10:02 PM

Note: shutdown is lowering the ATR – use closer targets until this is over

EUR/USD
What Forex Target Traders See: We are currently sitting @ 1.3550- Exactly where we were last week this time, and it is decision time. The pair is working a down channel after a head and shoulders so shows more bearish movement but we could bounce on the trend wall up. We are Bearish for now : A break down to the S4 @ 1.3414 and maybe square up @ 1.3394. The average daily true range (ATR) for the pair currently is 74 pips.

USD/JPY
What Forex Target Traders See: We are currently @ 98.55. We are out of the down trend and doing quite an impressive first wave. Looking for a move to the day chart top @ 99.00-40 area after a corrective move. The average (14 day) daily true range (ATR) for the pair currently is 80 pips.

GBP/USD
What Forex Target Traders See: Cable is currently @ 1.5957 after breaking the Day up trend. The bear flag break below the day chart would signal a move to the S5 @ 1.5894 with a lower target the support @ 1.5826. The average (14 day) daily true range (ATR) for the pair currently is 102 pips.

AUD/USD: A great smooth currency for Newbie’s!
What Forex Target Traders See: Aussie is currently @ 0.9469 and printing an ascending wedge which remains bullish. This could go either way. We could get one more thrust to the R4 top @ 0.9527 and then go bearish. A break of the 0.9530 would signal a continuation to the Resistance @ 0.9580. The average daily true range (ATR) for the pair currently is 71 pips.

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