As stated in my earlier posts, U.K. general elections was a big event and will effect the forex market to so much extent. Opinion polls predicted that Conservatives will not be able to generate enough seats to have a clear majority but exit polls today are showing clear majority to conservatives, while the counting is on, there is still some time to get the clear picture. All risk currencies are hoping for the clear majority win of conservatives and already hovering at their TOP prices. Gbp/usd touched 1.35067 this morning, Eur/Usd is trading at 1.11800, Aud/usd, and Nzd/usd also trading at their Top prices.
Following are the daily forex opportunities in some major forex pairs and CHART OF THE WEEK.
EUR/USD:– Eur/Usd is currently trading around 1.11800, and gaining strength due to Gbp/usd’s hopes. Sell on rallies strategy is still recommended in this pair as the price is already hovering around it’s Top.
GBP/USD:– Gbp/usd staged a robust price hike with hopes to get a clear majority for conservatives, as stated in my previous posts to stay away from this pair till election results. The favorable results seemed to be already priced in, the pair’s price probably will not go much higher from here. Selling on rallies will be a profitable strategy in this pair.
USD/JPY:– USD/JPY is trading as expected in earlier post and formed a bottom around 108.500, for now let the profits run till the pair find the Top in the coming days.
USD/CHF:– USD/CHF is trying to form a base as predicted, yesterday the pair fell a bit and made a low of 0.97980 ( which was not expected) but immediately made a robust recovery currently trading at 0.98500, buy on dips will be a profitable strategy in this pair.
AUD/USD:– AUD/USD staged a surprise rally yesterday ( which was not expected), will probably prove a trap for buyers, pair is currently trading at 0.69270, further strength from here is not expected, and sell on rallies will be a profitable strategy in this pair.
NZD/USD:– NZD/USD staged a surprise rally yesterday ( which was not expected), will probably prove a trap for bulls, bulls are warned in this pair as the Top is coming soon. Pair is currently trading at 0.66150. Further strength in this pair will be a profitable sell opportunity.
Stay tuned for more daily forex opportunities tomorrow.
DISCLAIMER:- Forex trading involves significant amount of risk, may not suitable for all. However the above information is deemed to be reliable. Traders should trade according to their risk and money management.
Forex Trading Analysis 