Target Trading in the Forex week of August 26th, 2018 EU UJ GU AU

Note: USDX is bullish with convergence and in a possible 1st wave.We are looking a small pullback to set a 2nd wave and then for the continuation to the 0.500 @ 95.516 and a possible continuation to the 96.761 area. Be aware that that could change in a heartbeat and will affect the currencies below. ATR’s have remains steady so still summer trading.Monday is a USA Holiday so all Banks are closed.

$EURUSD


What ProAct Traders See: Bearish: We are currently sitting @ 1.1608 in a range. We are looking for a small correction and then a continuation to the 0.618 Fibo @ 1.1474. Here we could bounce or continue to the 1.1402 area. The ATR for the the pair currently is 81 pips.

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$USDJPY

What ProAct Traders See: Bullish: We are currently sitting @ 111.08 in a range. We are looking for a a continuation to the 0.214 Fibo @ 112.46. Here we could pullback or continue to the 113.00 area. The average daily true range (ATR) for the pair currently is 62 pips.

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$GBPUSD

What ProAct Traders See:Bearish: We are currently sitting @ 1.2965 at the top of a 4th wave (note: this extension was a Brexit geo-political even which MAY NOT be over.If not look bullish to the 1.618 Fibo @ 1.3269). We are looking for a 5th wave continuation to the Day chart bottom @ 1.2642 and possible the S5 @ 1.2558. There is a square up @ 1.2849 which would create a bounce point for the bull move. The average daily true range (ATR) for the pair is 89 pips.

$AUDUSDWhat ProAct Traders See:We’ll see: We are currently sitting @ 0.7188 in a range.A couple of different scenarios:1:Bullish: a bounce on the Day chart bottom @ 0.7164 look for a move back to the range top @ 0.7455. 2: Bearish: A continuation here would target the 1.618 Fibo @ 0.7046 and maybe the 2nd Day chart bottom @ 0.6940. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 62 pips.


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Posted to Introduction to Forex Targe… on Sep 01, 2018 — 1:09 PM

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