Scott Barkley's Blog – June 2012 Archive (26)

Target Trading in the Forex upcoming week of July 1,2012

$EURUSD

What ProAct Forex Target Traders See:  We are currently sitting @ 1.2655 just under the day chart trendline @ 1.2685.  There is no real trend established and the latest move was fundamental in nature not technical.  If we break the top we are bullish to the R5 @ 1.2784 and then the -0.618 fib extension @ 1.2871.  A breakdown will target a move back to the .786 Fibo/ R1 @ 1.2468.  We need a pullback to establish the uptrend so expect that to be built before a break of…

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Added by Scott Barkley on June 29, 2012 at 9:42pm — No Comments

$GBPUSD- Breakdown?

Currently the pair is @ 1.5653 after the strong reversal last night.  Today is week end, month end and quarter end so this could be a big day as traders try and pad their clients’ accounts before squaring up.  BE CAREFUL!  Look for the move to go to the resistance @ 1.5703 and maybe the  R4 @1.5719.…

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Added by Scott Barkley on June 29, 2012 at 1:22pm — No Comments

$USDCAD- Higher?

Currently the pair is @ 1.0286 after bouncing on the trend wall.  Look for the move to go to the R3@1.0303 and then the.385 Fibo area @1.0335.  

Added by Scott Barkley on June 28, 2012 at 12:56pm — No Comments

$GBPUSD- Breakdown?

Currently the pair is @ 1.5598  after breaking down from the wedge.  Look for the move to go to the S4 @1.5546 and then the support area @1.5527.  

Added by Scott Barkley on June 27, 2012 at 1:17pm — No Comments

$EURJPY- How Low?

Currently the pair is @ 98.83 after breaking down from the double bottom.   Look for a small bounce on the -0.270 Fib Extension and then the S5 area @97.85-97.99.   A hard bounce is expected the back to the targets the 99.00  area.

Added by Scott Barkley on June 26, 2012 at 1:13pm — 1 Comment

$EURJPY-Double bottom?

Currently the pair is @ 99.51 after breaking out of the former uptrend on Friday to the downside.   A break of the 0.786 Fibo support - look for the bottom @99.12 area with a stall or bounce at the S4 @ 99.30. A bounce  targets the return to the 0.618Fibo @100.05 area.…

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Added by Scott Barkley on June 25, 2012 at 1:12pm — No Comments

Target Trading in the Forex upcoming week of June 24,2012

$EURUSD

What ProAct Forex Target Traders See:  We are currently sitting @ 1.2562 just above the .500 Fibo which is acting as support. We are bearish since we have broken the former uptrend but not ruling out a bounce at this level back to the top.   We could see a sideways move.  A break of the S4 and we will look for the S5 target @ 1.2373.  Lower target this week is the bottom @ 1.2289. The average daily true range (ATR) for the pair currently is 122 pips. …

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Added by Scott Barkley on June 23, 2012 at 4:18pm — No Comments

$GBPUSD- bears?

Currently the pair is @ 1.5594 back inside the former trend to the downside.   A break of the 0.618 Fibo support - look for the support @ 1.5558 and then the bottom @1.5480 area. A break up targets the return to the0.382 Fibo @1.5662.

Added by Scott Barkley on June 22, 2012 at 1:02pm — No Comments

$USDCAD- channel?

Currently the pair is @ 1.0187 inside a channel to the downside.   A break of the 1.0180 support - look for the supports @ 1.0162 and 1.0142  area. Overall target is the 1.0071 area.  A break up (more likely) targets the return to the S4 @1.0216 or even the trendline before resumption to the downside.…

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Added by Scott Barkley on June 21, 2012 at 1:26pm — No Comments

$EURUSD-WEDGE?

Currently the pair is @ 1.2708 inside a wedge.   G20 could create a ranging market but a break up here look for the 0.214 Fibo @ 1.2755 area. A break down targets .500 Fibo @1.2661.

Added by Scott Barkley on June 20, 2012 at 1:01pm — No Comments

$USDCHF- G20 range?

Currently the pair is @ 0.9523 sitting just below the S4 target line.   G20 could create a ranging market but a break down here, look for the S5 @ 0.9395 area. A bounce -then look for the 0.9570.

Added by Scott Barkley on June 19, 2012 at 1:25pm — No Comments

$EURUSD- bears?

Currently the pair is @ 126.12 after filling the Gap and breaking the Demand line.   A break down here, look for the confluence of the .786 Fibo, trend wall and the former R1 @ 1.2515 area. A bounce then look for the 1.2800.

Added by Scott Barkley on June 18, 2012 at 1:19pm — No Comments

Target Trading in the Forex upcoming week of June 17,2012

Note: Due to EXTREME event risk this weekend - allow for an extreme move in either direction. 

$EURUSD

What ProAct Forex Target Traders See:  We are currently sitting @ 1.2657 in a sideways move which may continue due to the EXTREME event risk this weekend.  We are bullish but extremely cautious.   We could continue the sideways move as they sort out the event.  A break of the R5 and we will look for the R6 target @ 1.2901.  Lower target this week is the bottom @ 1.2300.…

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Added by Scott Barkley on June 16, 2012 at 3:14pm — No Comments

$AUDUSD-Breakout?

Currently the pair is @ 100.40 after breaking out of the ascending wedge.   A break down here, look for the retracement to the support @ 0.9960 then 0.9884.  Our upside target is the  .382 Fib @ 1.0136

 

Added by Scott Barkley on June 15, 2012 at 1:21pm — No Comments

$GBPJPY–range break continuation?

Currently we are  @ 122.84 in a large rang. A breakdown of the 122.47 suggests a big move to 121.14.  A bounce continues the range back again to the 124.12 area and a break there would target the R6 @ 124.91

Added by Scott Barkley on June 14, 2012 at 1:17pm — No Comments

$AUDUSD–parity continuation?

Currently we are @ 0.9984 in an ascending wedge. A break of the 1.000 psychological number (parity) target the resistance @ 1.0053 with a higher target (.382 Fibo) @ 1.0084.  A break down targets the support @ 0.9899.  We are bullish.

Added by Scott Barkley on June 13, 2012 at 2:09pm — No Comments

$NZDUSD–continuation?

Currently we are @ 0.7764 in an ascending wedge. A break here target the R5 @0.7635 with a higher target @ 0.7867.  A break down targets the R4 @ 0.7691.  We are bullish.

Added by Scott Barkley on June 12, 2012 at 1:48pm — No Comments

$EURUSD–bounce?

Currently we are  @ 0.7640 only pips away from filling the Gap - Decision time. Bounce here back to the R5 @  1.2304 or have a deeper retracement to the trend line around 1.2493.   Waiting for confirmation as we are bullish on the pair.

Added by Scott Barkley on June 11, 2012 at 2:02pm — No Comments

Target Trading in the Forex the week of June 10th ,2012

$EURUSD

WHAT Forex Target Traders SEE:  We are currently sitting @ 1.2501.  We can clearly see a 5 wave downward movement is completed and should see a abc correction to the upside.  I like a movement to the .214 Fibo @ 1.2711 and then get bearish.  We could also range this week which would shorten the range to the .382 Fibo @ 1.2620. …

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Added by Scott Barkley on June 9, 2012 at 4:10pm — No Comments

$NZDUSD–break or bounce?

Currently KIWI is @ 0.7640 on the trend wall - Decision time. Bounce to the 0.7833 double top or break down to 0.7552 .786 Fibo Target.

Added by Scott Barkley on June 8, 2012 at 1:24pm — No Comments

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