We finished last week with 493 Pips - not bad for August
What Forex Target Traders See: We are currently sitting @ 1.2234 and stuck in a wedge. We are bearish below 1.2290 but won’t rule out the up move on a wedge break out to 1.2446 @ 1.2446. The targets down are the S4 support @ 1.2231 and then the 1.2069 area. The average daily true range (ATR) for the pair currently is 95 pips.
What Forex Target Traders See: We are currently @ 79.55 in a rising wedge. We will look for an initial move BACK to the .500 Fibo @ 79.00. If no bounce there target the 0.618 fibo @ 78.90 for a bounce back to the R3 @ 79.60. The average daily true range (ATR) for the pair currently is 44 pips.
What Forex Target Traders See: Cable is currently @ 1.5683 and a real mess. We are still inside a large range with a slight uptrend so we could still get a move to the R5 @ 1.5774 area. A failure to break 12.5750 would indicate a corrective move back to the 0.500 area @ 1.5588- look for a bounce there. The average daily true range (ATR) for the pair currently is 76 pips.
$AUDUSD – A great smooth currency for Newbie’s!
What Forex Target Traders See: We are currently @ 1.0423. The breach of the support @ 1.0447 indicates a trend reversal (although a bounce is still in play). Breaking the Day chart trendline @ 1.0381 ( also the S4) would confirm a continuation to the S5 @ 1.0237. Keep the bounce in play at all times. The average daily true range (ATR) for the pair currently is 73 pips.
CAUTION IS URGED - TRADE WITH STOPS!!!!!
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There is No “Holy Grail” in Forex trading systems. Do not use our research or any other trading system without proper research on the asset.
This is an opinion ONLY - and not a trade call, but a study that may lead you to a trade. I do not know whether this will transpire or not so use your own judgment.