Target Trading in the Forex week of March 11th, 2018

Note: USDX is in a “possible” bullish trend and that is bolstered by strong NFP numbers which affects the major currencies.Be aware that that could change in a heartbeat and the ATR’s are falling.

$EURUSD

What ProAct Traders See:Bearish: We are currently sitting @ 1.2315 in a flag pattern for a downside move.We are looking for a continuation to the Day Support @ 1.2201 and then a bounce and further move to 1.2100. The average daily true range (ATR) for the pair currently is 89 pips.

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$USDJPY

What ProAct Traders See: Waiting: We are currently @ 106.77 after breaking a downside channel. We are cautiously awaiting the start of a bullish move, but it is early in the move.There is no clear divergence yet for an upside move.We will be looking for a continuation to the 0.500 Fibo @ 108.45. Overall, if the USDX stays moving up we could get to the 0.382 Fibo @ 110.35. The average daily true range (ATR) for the pair currently is 81 pips.

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$GBPUSD

What ProAct Traders See:Bearish: Cable is currently sitting @ 1.3548 in a “possible” 5th wave down (also showing the large range if ranging). As long as USDX is up, we are looking for a continuation to the S4 @ 1.3697 and overall the S5 @ 1.3553.The average daily true range (ATR) for the pair is 109 pips.

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

What ProAct Traders See:Bearish: Aussie is @ 0.7848 in a channel in a range.We are watching the 0.7870 area for reaction.We could break north here (watch the USDX) or have a continuation down to the Day support@ 0.7499 area.The average daily true range (ATR) for the pair currently is 62 pips.

Posted to Introduction to Forex Tar... on Mar 10, 2018 — 10:03 AM

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