Target Trading in the Forex upcoming week of Sep 3rd,2012
$EURUSD
What Forex Target Traders See: We are currently sitting @ 1.2577 and broken out of the day chart wedge to the upside. We are bullish above 1.2500. The targets up are the R6 resistance @ 1.2652 and then the 1.618 Fib extension @1.2700 area and the 1.2744. The target down are the R5 @ 1.2419 (possible bounce there on the trend line. The average daily true range (ATR) for the pair currently is 83 pips.
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$USDJPY
What Forex Target Traders See: We are currently @ 78.29 in a wedge on the day chart. The dominate trend is to the downside but due to BOJ, traders appear reluctant to trade into certain intervention. Should it break down will look for an initial move to the double bottom @ 77.92. If no bounce there - target the S4 @ 77.35. The average daily true range (ATR) for the pair currently is 31 pips.
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$GBPUSD
What Forex Target Traders See: Cable is currently @ 1.5876. We are outside a large range to the upside after breaking and taking out the R5 resistance. A bounce on the R5 @ 1.5867 would indicate a move to the R6 target –also the 2.618 fibo @ 1.6103. A bounce failure indicates more ranging back to the R4 @ 1.5723. The average daily true range (ATR) for the pair currently is 73 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
What Forex Target Traders See: We are currently @ 1.0331. Although we are in a downtrend we may have found a bounce point at the 0.786 Fibo @ 1.0271. Never the less, the chart says we are moving down so the next target is S5 @ 1.0248. Keep the bounce in play at all times – we will be bullish above 1.0400 to 1.0471 and beyond. The average daily true range (ATR) for the pair currently is 69 pips.
CAUTION IS URGED - TRADE WITH STOPS!!!!!
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