Target Trading in the Forex upcoming week of Dec 30th ,2012

$EURUSD

What Forex Target Traders See:  We are currently sitting @ 1.3222  in a retracement.  Looking for the bounce around 1.3100  and then we are bullish up to 1.3400.  A pullback or reversal that breaks the 1.3150 would invalidate this. The average daily true range (ATR) for the pair currently is 77 pips. 

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$USDJPY                                                                                                                   

What Forex Target Traders See:  We are currently @ 86.07.  Looking for a pullback to the .500 Fibo around 85.26  and then we are bullish up to 87.94.  A pullback or reversal that breaks the 85.00 would invalidate this. The average daily true range (ATR) for the pair currently is 62 pips.

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$GBPUSD                        

What Forex Target Traders See:  Cable is currently @ 1.6152 in a wedge and we have bounced on the .786 Fibo @ 1.6068 area.  Two scenarios: A bounce targets the:  top  @ 1.6300 or a breakdown targets bottom @ 1.6000 area. The average daily true range (ATR) for the pair currently is 57 pips.

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$AUDUSD – A great smooth currency for Newbie’s1

What Forex Target Traders See:  Aussie currently sitting @ 1.0371 and completing the 2nd wave to the downside.  We are seeing a bear flag indicating more downside potential.  Looking to complete wave three at or below the 1.3100 and then a pullback and wave 5 to the downside.  The average daily true range (ATR) for the pair currently is 55 pips.

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Comment by Scott Barkley on December 30, 2012 at 1:51am

As always hope it helps!

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