Target Trading in the Forex upcoming week of Nov 4 ,2012

$EURUSD

What Forex Target Traders See:  We are currently sitting @ 1.2831 on the support. We are certainly at a bounce point.  We are bearish below 1.2950 so a bounce will be considered a corrective move.   A break south  target the 2.618 Fib extension @ 1.2761 with the 1.2644 as the outer target.  The average daily true range (ATR) for the pair currently is 79 pips. 

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$USDJPY                                                                                                                   

What Forex Target Traders See:  We are currently @ 80.43 after a clean break of the R4 resistance @ 80.32.  A bounce here will confirm the continued move to the upside.  Will look for a move to the cluster in the 81.00 area.  The average daily true range (ATR) for the pair currently is 50 pips.

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$GBPUSD                        

What Forex Target Traders See:  Cable is currently @ 1.6018.  Cable is essentially in a large sideways movement.  The dominate trend is still to the downside and a break of the 1.6000 will confirm the continued move to the downside.  On the break down will look for a move to the S4@ 77.35 and the  target the 1.5800. The average daily true range (ATR) for the pair currently is 50 pips.

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

What Forex Target Traders See:  Aussie is currently @ 1.0336  with the break of the trend line ( not quite proven yet) we will look for a move down. We are not ruling out the bounce yet however since this could prove to be an ascending wedge.  A bounce would target the R5 @ 1.0527.  A break out down would target the 0.786 Fibo @ 1.0202 and the bottom @ 1.0147.  The average daily true range (ATR) for the pair currently is 67 pips.

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