$USDCAD –bounce?

Currently @ 1.0009 to complete the move to the bottom.  Friday is typically a square up day so looking for the cross to bounce back to the .500 Fibo @ 1.0065. We are currently below the S6 former support and a failure to  break that signals a continuation to the support  @ 0.9957.

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$AUDUSD –finish?

Currently we are @ 1.0678 to complete the move to the top of the trendline.  We are currently just above the R6 resistance and the break of that signals a continuation to the -.270 fib extension/resistance @ 1.0762.  Look for the move to stall there.  A failure to break the 1.270 Fibo @ 1.0698 would signal a potential move back to the .382 fibo  @ 1.0591.

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$NZDUSD– Trade Recap

$NZDUSD– Trade Recap

Those in the live NY  training room got this trade today +55 pips

$USDCAD–break?

Currently we are @ 1.0134 in a corrective move to the top of the downtrend.  We are currently just below the  SR2 resistance and a break of that would signal a correction to the R3 @ 1.0196.  Look for the Rally to end there.  A failure to break the R2 would signal a potential move back to the double bottom @ 1.0052.

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$USDCHF–bounce?

Currently we are @ 0.9280 in wave 5 of the current downtrend.  We are currently just above the S5 Support @0.9217.  Look for a bounce there.  Next target is the 0.9200 area.

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$EURUSD–breakout?

Currently we are @ 1.3020 after the final breakout of the former down trend. We are currently just above the R5 Resistance @1.3000.  Next target is the 1.3070 area.  Overall target down is the S6  @ 1.3233.

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Target Trading in the Forex the week of January 22nd ,2012

$EURUSD

WHAT Forex Target Traders SEE:  We are currently sitting @ 1.2981 after breaking the downtrend on the day chart – this is bullish for the cross.   We reacted at the .786 as expected but not enough to declare a move down. There is still room to the upside to the R5  @ 1.3000 and then the double top @1.3076.  This would be a 5^th wave to the top.  The average daily trading range for the cross currently is 141 pips.

 

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$USDJPY      

WHAT Forex Target Traders SEE:  We are currently @ 76.97 but still sideways.  The target to the upside is 77.49 ( R2) and then the R3 @ 78.04. IF we can break the 76.60 bottom the target would then be the 75.54 Support.  Better play is the EURJPY since the USD is being bought pretty much bought across the board.  Any downside more invites a potential intervention so be cautious.  The average daily trading range for the cross currently is 37 pips.

 

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$GBPUSD

WHAT Forex Target Traders SEE:  Cable is currently @ 1.5568 and has broken the former down trendline at the 1.5528 .  We are sitting at equilibrium on the .382 Fibo so the cross could oscillate up and down from here 200 pips each side.  Upside targets are S5@ 1.5614 with resistance  @ 1.5700.  The average daily trading range for the cross currently is 106 pips.

 

 

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

WHAT Forex Target Traders SEE:  We are currently @ 1.0485 after breaking the ascending wedge and the R6.  Should it stay in the uptrend look for a move to the1.618 Fibo @1.0634.   The next target is the R7 @ 1.0841  The average daily trading range for the cross currently is 101 pips.

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CAUTION IS URGED – TRADE WITH STOPS!!!!!
IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by ProAct Traders, LLC., www.proacttraders.com and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. We monitor multiple indicators as well as established chart analysis in our Forex trading software.

There is No “Holy Grail” in Forex trading systems. Do not use our research or any other trading system without proper research on the asset.

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.

 

 

 

 

 

 

$AUDUSD–Wedge?

Currently we are @ 1.0419 in an ascending wedge which is bullish for the cross.  If we break the current R5 Resistance we are looking to go to the 1.0500 area.  Overall target down is the S6  @ 1.0656. A breakdown here would indicate a move back to the R4 @ 1.0279.

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$GBPJPY– Trade Recap

Those in the live NY  training room got this trade opportunity today