Target Trading in the Forex upcoming week of April 22 ,2012

$EURUSD

What ProAct Forex Target Traders See:  We are currently sitting @ 1.3210 and the former high set April 11, 2012.  Reality is that we are in a big sideways move on the day chart.  We are bearish as long as we are under the 0.618 Fibo @ 1.3236 ( a break of that confirms the long).  The initial downside targets are the 0.500 Fibo @ 1.3110 and then the 0.786 Fibo @ 1.3044.  A break north targets the -0.270 Fib Extension@ 1.3286.  Bottom line is we need confirmation of either move at this critical spot.  The average daily true range (ATR) for the cross currently is 108 pips.

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$USDJPY                                       

What ProAct Forex Target Traders See:  We are currently @ 81.56 and just above the Downtrend top channel which is bullish.  The cross could go either way but the break up appears to be on a bullish path. Targets ups are the R4 @ 82.72 the R5 @ 85.16.  Targets down might be a return to the R1/.786 fibo @ 80.94 and then the 80.31 bottom.  The average daily true range (ATR) for the cross currently is 52 pips.

 

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$GBPUSD

What ProAct Forex Target Traders See:  Cable is currently @ 1.6120 just below the top @ 1.6164.  We also have a rising wedge which is bearish for the cross.  A breakdown from the top targets the 0.500 Fibo @ 1.5986.  and further bearish move would target the S4 @ 1.5931.  A break above 1.6164,  look to the -0.270 fib Extension @ 1.6260.   .  The average daily true range (ATR) for the cross currently is 104 pips.

 

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$AUDUSD – A great smooth currency for Newbie’s!

What ProAct Forex Target Traders See:  We are currently @ 1.0369 in a very nicely built downtrend.  We are building a nice descending wedge currently for the break below the S3 to the S4 @ 1.0275 to targets below.  As long as we are below 1.400 we are bearish on the cross.  A break of S4, look to the S5 @ 1.0079. The average daily true range (ATR) for the cross currently is 94 pips.

 

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Tags: Exchange, Foreign, Forex, Market, Strategies, analysis, audusd, eurusd, forex, gbpusd, More…live, signals., software, technical, trading, usdjpy

Comment by anthony on April 21, 2012 at 1:16pm

where do i sell gbp/usd on rally?

Comment by Scott Barkley on April 21, 2012 at 1:22pm

IF IF IF it tops out at 1.6160.  Need to be sure it is the top first.

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