GBP/USD’s official target is located at 1.2733 and a 12 pip change since the December 12 target reported at 1.2721`. GBP/USD bottomed at 1.1800’s in December and January therefore this trade is valued at 900 pips or barely 200 pips profit per month.
Next levels to break 1.2633 and 1.2672. GBP/USD day trade top today is 1.2669. Target completion today can only happen after 10 am when day trades end.
Once GBP/USD completes the target, the range becomes 1.2594 to 1.2862 or 268 pips. Longs are valid as long as GBP/USD holds above 1.2303 and a rising line which means 1.2303 becomes 1.2350 ‘s by next week upon a GBP/USD rise today.
Yet most interested is targets and target completion as this has been the driving force for the past 10 and 14 years. It takes very few exchange rates to factor an accurate forecast as we are working with fewer and fewer numbers as the years progressed.
AUD/USD targets 0.6789, 0.6924 and 0.7055 if AUD/USD breaks above 0.6953. Targets from December 14 as follows: 0.6744, 0.6888 and 0.6952. Above 0.6970 targets 0.7094.
AUD/USD targets completed in January and February then AUD/USD traded a 300 pip range March – May from 0.6500’s to 0.6800’s. The AUD/USD bottom in March at 0.6500’s offered the next trade opportunities to current targets. AUD/USD bottomed at 0.6200’s in December and 0.6500’s in March.
NZD/USD targets from December also achieved the mission in January and February but the bottom at 0.6032 in March offered the same trade opportunities.
NZD/USD targets 0.6264 and 0.6385. Upon a break at 0.6443, NZD/USD targets 0.6467 and 0.6558. December 14 targets as follows: 0.6359 and 0.6471. Above 0.6452 targets 0.6569.
From March to May, NZD/USD ranged 300 pips from 0.6083 to 0.6375 while EUR/USD traded 600 pips from 1.0500’s to 1.1100 and GBP/USD 1.1800’s to 1.2600’s or 800 pips. AUD/USD and NZD/USD are trading 1/2 to EUR/USD and GBP/USD ranges.
Brian Twomey
BRIAN TWOMEY ON TRADING 