$EURUSD
What ProAct Forex Target Traders See: We are currently sitting @ 1.0607 and back in the down trend. We are looking for the downside target at the S6 @ 1.0424 and possibly the 2.618 Fibo @ 1.0151. The average daily true range (ATR) for the pair currently is 134 pips.
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$USDJPY
What ProAct Forex Target Traders See: We are currently @ 120.19 in a big channel but still ranging. Looking now for a move up above 120.74. If we get that, look to the R5 area @ 122.00. The average daily true range (ATR) for the pair currently is 83 pips
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$GBPUSD
What ProAct Forex Target Traders See: Cable is currently sitting @ 1.4646 and we have broken the range. We are looking to the 2.618 Fibo first @ 0.4504 with an overall target of the S6 @ 1.4362. The average daily true range (ATR) for the pair currently is 139 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is @ 0.7682 in an ever widening range with a possible rising wedge in play (bearish). We are waiting to see if this bounce on the channel is for real or a small correction for a move down. A couple of different scenarios: 1: Bullish: a move to the upper day chart trend line @ 0.7781 area) and 2: Bearish: A break down to the support @ 0.7485. The average daily true range (ATR) for the pair currently is 94 pips.
What ProAct Forex Target Traders See: We are currently sitting @ 1.0607 and back in the down trend. We are looking for the downside target at the S6 @ 1.0424 and possibly the 2.618 Fibo @ 1.0151. The average daily true range (ATR) for the pair currently is 134 pips.
————————————————————————--
$USDJPY
What ProAct Forex Target Traders See: We are currently @ 120.19 in a big channel but still ranging. Looking now for a move up above 120.74. If we get that, look to the R5 area @ 122.00. The average daily true range (ATR) for the pair currently is 83 pips
——————————————————————————–
$GBPUSD
What ProAct Forex Target Traders See: Cable is currently sitting @ 1.4646 and we have broken the range. We are looking to the 2.618 Fibo first @ 0.4504 with an overall target of the S6 @ 1.4362. The average daily true range (ATR) for the pair currently is 139 pips.
——————————————————————————–
$AUDUSD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is @ 0.7682 in an ever widening range with a possible rising wedge in play (bearish). We are waiting to see if this bounce on the channel is for real or a small correction for a move down. A couple of different scenarios: 1: Bullish: a move to the upper day chart trend line @ 0.7781 area) and 2: Bearish: A break down to the support @ 0.7485. The average daily true range (ATR) for the pair currently is 94 pips.
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EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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