Target Trading in the Forex upcoming week of May 3, 2015

$EURUSD

What ProAct Forex Target Traders See:  We are currently sitting @ 1.1208.  We are looking finish a 3rd wave at the .214 Fibo and we should see a small correction before resumption to the R7 @1.1500 area. The average daily true range (ATR) for the pair currently is 144 pips.

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$USDJPY                                                                                                                   

What ProAct Forex Target Traders See:  We are currently @ 120.18 but still ranging. Looking now to finish the ip move @ 120.50-70 and then a move down to support @ 118.50. The average daily true range (ATR) for the pair currently is 81 pips.

 

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$GBPUSD                                                                                                                   

What ProAct Forex Target Traders See:  Cable is currently sitting @ 1.5147. We are waiting to see if this last move was just a correction on the day chart (which is down) or a correction for further upside to the 1.5589 Top.   The average daily true range (ATR) for the pair currently is 162 pips.

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

What ProAct Forex Target Traders See:  Aussie is @ 0.7837 in a shallow trend.  We are waiting to see if this bounce will hold for a move up to the R6 area @ 0.8170. The average daily true range (ATR) for the pair currently is 111 pips.

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