Note: Currently USDX is bearish
EUR/USD
What ProAct Forex Target Traders See: We are currently sitting at 1.1405. We are looking to complete a 5th wave in the 1.1610 area. It might take a while though since the pair’s ATR is so low for its popularity. Target 1 is the R5 at 1.1488. The average daily true range (ATR) for the pair currently is 63 pips.
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USD/JPY
What ProAct Forex Target Traders See: We are currently sitting at 113.89 in a range and a rising wedge which is bearish for the pair. We are looking to continue down to the 0.500/equilibrium area at 111.61-87 area. The average daily true range (ATR) for the pair currently is 71 pips.
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GBP/USD
What ProAct Forex Target Traders See: Cable is currently at 1.2749 and in a range. A couple of different scenarios: 1: Bullish: a move to the square up at1.2830 and then bounce creating a channel to the upside to the top at 1.3046 area and 2: Bearish: A break down to the double bottom support at 1.2595.
The average daily true range (ATR) for the pair currently is 76 pips.
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AUD/USD – A great smooth currency for Newbie’s
What ProAct Forex Target Traders See: We are currently sitting at 0.7601 and in position to do 5 waves down. But with USDX currently bearish AUD/USD has nowhere to go. Will most likely see a sideways move until the USDX is resolved. Target down is 0.7503 at the square up. The average daily true range (ATR) for the pair currently is 46 pips.