Target Trading in the Forex week of August 19th, 2018 EU UJ GU AU

Note: USDX is ultimately bullish in a 4th wave correction leading to a 5th wave.We are looking for a bounce on the 0.500 Fibo @ 96.547 before the 5th wave continuation to the upside. Be aware that that could change in a heartbeat and will affect the currencies below. ATR’s have increased slightly, but if we are starting to trend, could increase back to normal.

$EURUSD

What ProAct Traders See: Bearish: We are currently sitting @ 1.1442 in a 4th wave correction in a trend. We are looking for a on the S3 @ 1.1485 before the 5th wave continuation to the downside. The ATR for the the pair currently is 72 pips.

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$USDJPY

What ProAct Traders See: We’ll see: We are currently sitting @ 110.62 in a range and a channel. The pair is still a contrarian and not following USDX at all. A couple of different scenarios:1:Bullish: a bounce here, look for a move back through the Symmetrical Triangle and then to the 0.214 Fibo @ 112.36. 2: Bearish: A continuation here would most likely take out the square up @ 110.00 and then back to the 0.500 Fibo @ 11.36 area. The average daily true range (ATR) for the pair currently is 61 pips.

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$GBPUSD

What ProAct Traders See:Bearish: We are currently sitting @ 1.2749 at the bottom of a 3rd wave (same as last week).We are looking for a 4th wave pullback only to the 0.618 Fibo @ 1.2872 and then a 5th wave continuation to the Day chart bottom @ 1.2594.The average daily true range (ATR) for the pair is 83 pips.

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

What ProAct Traders See:Up and down: We are currently sitting @ 0.7318 in a range.We are looking for a continuation to the range top @ 0.7457. The average daily true range (ATR) for the pair currently is 56 pips.


Posted to Introduction to Forex Targe… on Aug 19, 2018 — 12:08 PM

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