Forex market is enjoying holidays, and trading sideways, in absence of a meaningful volume. Eur usd was about to reach the target, but flipped to the other side to indulge traders for some more time, trend remains to the downside. Gbp usd is well supported now waiting for Brexit done until 31 Jan. Usd jpy also showed some fake strength yesterday, trend remains south. Usd chf is also on verge of making a bottom but low volume is hindering it to do that. Aud usd is also at it’s record high, hope to make a top is alive. Let’s discuss all the currency pairs in detail.
Following are the latest daily forex opportunities in some major forex pairs and CHART of the WEEK.
Eur usd :– Eur usd was trying to make a bottom but suddenly flipped towards upside amid low volume. Support is now seen around 1.10850 ( formerly 1.10500). Traders are recommended to book profits at support and initiate fresh buying in this pair. The pair is currently trading around 1.11200, a little bit of downside is still expected in this pair.
Gbp usd :– Gbp usd is well supported now as discussed in the previous post, buying on dips will be a profitable strategy in this pair. In previous trading session pair showed a price level of 1.29080 but recovered very quickly. Pair is currently trading around 1.29900, pair seems absolutely safe to accumulate for next year’s profits.
Usd jpy :– Usd jpy was trading with a downside bias till yesterday, but yesterday’s strength till 109.600 came as a surprise. Pair should trade with a downside bias in coming trading sessions, till it reaches it’s bottom. Pair is currently trading around 109.450 at the time of writing and trading well above it’s mid range so a decent downside is still possible in this pair. Sell on rallies strategy is recommended in this pair.
Usd chf :– Usd chf surprised too much, pair should find out the bottom, but is refusing to do so amid low volumes, pair showed some strength recently, touched 0.98250 but still remaining under some pressure. Pair is currently trading around 0.98000 at the time of writing. Buy on dips strategy is still valid in this pair as the bottom in the pair is expected soon. Pair is trading well below it’s mid range so a good upside is still possible in this pair.
Aud usd :– Aud usd is maintaining it’s strength without any corrections, pair is at it’s record highs and the momentum should vanish soon, sell on rallies strategy is still valid in this pair. Pair is currently trading around 0.69500 at the time of writing. Aud usd is currently trading well above it’s mid range so a good degree of downside potential is still possible in this pair.
Nzd usd :– Nzd usd is maintaining it’s strength without any corrections, pair is currently trading around it’s record highs and the momentum should vanish soon, sell on rallies strategy is still valid in this pair. Pair is currently trading around 0.66700 at the time of writing. Currently trading well above it’s mid range so a good degree of downside potential is still possible in this pair.
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 