What Forex Target Traders See: We are currently sitting @ 1.2805 at the top of the trend the upside. We are bullish above 1.2600. We should see a correction and then a continuation to the R6 @ 1.2850. The target above the R6 resistance is 1.270 Fib extension @ 1.2892. The correction target is the .500 Fibo @ 1.2655 (look for a bounce there the trend line). The average daily true range (ATR) for the pair currently is 96 pips.
What Forex Target Traders See: We are currently @ 78.27 just out of the wedge on the day chart. The dominate trend is to the downside but due to BOJ, traders appear to still be 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 41 pips.
What Forex Target Traders See: Cable is currently @ 1.6008. We are approaching the top of a large range on the day chart (1.6172) to the upside after breaking and taking out the R5 @ 1.5867. This would indicate a move to the R6 target –also the 1.618 fibo @ 1.6099. Look for a reversal back to the R4 @ 1.5723 at either the R6 or the Top at 1.6172. The average daily true range (ATR) for the pair currently is 79 pips.
$AUDUSD – A great smooth currency for Newbie’s!
What Forex Target Traders See: Aussie is currently @ 1.0397 but the trend is way to steep so we will look for a correction before resumption of the up move. This would finish waves 1 and 2. The likely bounce is the .382 fibo @ 1.0309 and the targets up are the 1.270 fib extension @ 1.0464 and then the R5 @ 1.0546. The average daily true range (ATR) for the pair currently is 83 pips.
CAUTION IS URGED - TRADE WITH STOPS!!!!!
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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.