Target Trading in the Forex week of September 10th, 2017

Scott Barkley ProAct Traders

Note: Currently USDX is bearish

$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.2027 in a 5th wave. We are looking to continue to the R6 @ 1.2772. The average daily true range (ATR) for the pair currently is 87 pips.

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$USDJPY

What ProAct Forex Target Traders See: We are currently sitting @ 107.77 in a 5th wave. We are looking to break the significant support and continue initially to the support @ 106.89 and then to the S6 @ 104.57. The average daily true range (ATR) for the pair currently is 89 pips.

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$GBPUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.3201. We are in a range. We are looking to break the triangle and continue initially to the 0.786 Fibo @ 1.2734. IF we can break the range top look to the 1.270 Fibo @ 1.3447 as the top. If the range holds, look for a move back to 1.3000 area. The average daily true range (ATR) for the pair currently is ONLY 76 pips.

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

What ProAct Forex Target Traders See: We are currently sitting @ 0.8053 in a corrective wave. We are looking to finish the correction (4th wave) and then continue up to the R5 @ 0.8247. The average daily true range (ATR) for the pair currently is 69 pips.

Author

Scott Barkley

ProAct Traders

Scott Barkley is the President of ProAct Traders LLC located in Round Rock, Texas. Scott graduated from the institute For Latin American Studies in Cuernavaca, Mexico.

EUR/USD tests nine-day EMA support near 1.1850

EUR/USD remains in the negative territory for the fourth successive session, trading around 1.1870 during the Asian hours on Friday. The 14-day Relative Strength Index momentum indicator at 56 stays above the midline, confirming steady momentum. RSI has eased but remains above 50, indicating momentum remains constructive for the bulls.

GBP/USD consolidates around 1.3600 vs. USD; looks to US CPI for fresh impetus

The GBP/USD pair remains on the defensive through the Asian session on Friday, though it lacks bearish conviction and holds above the 1.3600 mark as traders await the release of the US consumer inflation figures before placing directional bets.

Gold recovers swiftly from weekly low, climbs back closer to $5,000 ahead of US CPI

Gold regains positive traction during the Asian session on Friday and recovers a part of the previous day's heavy losses to the $4,878-4,877 region, or the weekly low. The commodity has now moved back closer to the $5,000 psychological mark as traders keenly await the release of the US consumer inflation figures for more cues about the Federal Reserve's policy path.