Target Trading in the Forex week of May 13th, 2018 EU UJ GU AU

Note: USDX is bearish (for now) but it probably is only a correction. We are right now at a bounce point. Be aware that that could change in a heartbeat and will affect the currencies below. ATR’s have increased slightly. Unless clear, I will give both possibilities.

$EURUSD

What ProAct Traders See:Waiting: We are currently sitting @ 1.1945 in a range and at a potential top. A couple of different scenarios:1:Bullish: a continuation to the 0.500 Fibo @ 1.2034 or possibly higher to the 0.786 Fibo. 2: Bearish: A break down here would set up move to the 1.270 Fibo @ 1.1708. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 86 pips.

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$USDJPY

What ProAct Traders See: Waiting: We are currently sitting @ 109.31 in a trend and in a 5th wave. A couple of different scenarios:1:Bullish: a bounce and move to the R4 resistance @ 110.97. 2: Bearish: A break down here would set up move to the 0.382 Fibo @ 107.63. the forex is notorious for only doing 3 waves and then correcting (see Prechter/Elliott wave).Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 67 pips.

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$GBPUSD

What ProAct Traders See:Bearish: We are currently sitting @ 1.3543 in a range and in a Darvas Box which is bearish. A break down here would set up move to the day chart bottom/ 1.270 Fibo @ 1.3327-49. Watch the USDX for direction. The average daily true range (ATR) for the pair is 110 pips.

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

What ProAct Traders See:Waiting: We are currently sitting @ 0.7548 in a range and at a significant bounce point. A couple of different scenarios:1:Bullish: a bounce and move to the 1.270 Fibo @ 0.7678. 2: Bearish: A break down here would set up move to the day chart bottom @0.7412. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 64 pips.

Posted to Introduction to Forex Tar... on May 12, 2018 — 10:05 AM
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