Target Trading in the Forex upcoming week of April 28th ,2013

$EURUSD

What Forex Target Traders See:  We are currently sitting @ 1.3042 in a wedge so this could go either way.  A couple of different scenarios.  1:  bull move- a break to the S5 @ 1.2892 with resistance at 1.3150  2: Bear move- a break to the R3 @ 1.3099 with support at 1.2846.  The average (14 day) daily true range (ATR) for the pair currently is 99 pips. 

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$USDJPY                                                                                                                   

What Forex Target Traders See:  We are currently @ 98.11 and have broken down out of a rising wedge which means continued bearishness.   Looking to move to the S5 support after a pullback to the 0.214 fibo. Longer term target is the S6 @ 93.80.   The average (14 day) daily true range (ATR) for the pair currently is 121 pips.

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$GBPUSD                                                                                                                   

What Forex Target Traders See:  Cable is currently @ 1.5486 and has been testing the Day chart trend line.  A break of that would bring the shorter 240 minute trend into play with the 5th wave r5 target as the immediate target @ 1.5577.  Look to square up at the R6 @ 1.5643 if that happens.  A more likely scenario is a pullback to the R3 @ 1.5344 and then go for the top again. The average (14 day) daily true range (ATR) for the pair currently is 103 pips.

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

What Forex Target Traders See:  Aussie is currently @ 1.0282- 6 pips from last weeks close –in a channel pattern which is bearish.  We have a day chart bottom @1.0242 area which could be a bounce point.  A breakdown of the day chart bottom would target the 1.0183 Day chart bottom and maybe a bounce there.  The average (14 day) daily true range (ATR) for the pair currently is 92 pips.

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