Happy and profitable new year to all of you and welcome back after holidays. While market is still in holidays mood, volume is not very much up to the mark. Speculation activities are heavy at this point of time. Brexit with no deal is probably possible as Boris Johnson seems to be in hurry to divorce with European union till the end of January. Sterling is under pressure with all this development. Gold is gaining strength and strength with the JPY’s upward trend, but this strength should start to wane soon. Eur usd hit the resistance lines in the holidays sessions and currently trading with downside bias. Aud usd is still on the upside march without any correction, upside momentum should lose it’s strength soon. Let’s discuss all the pairs in detail.
Following are the daily forex opportunities in some major forex pairs and CHART of the WEEK.
EUR USD :– Eur usd flipped without hitting the support zone expected around 1.10500 in the previous sessions due to holidays trade thin volume and also hit the resistance lines in hurry around 1.12300. The pair is currently trading with a downside bias. Sell on rallies was recommended in the previous posts and the strategy is still valid in this pair to earn good profits. Pair is currently trading around 1.11700, which is above it’s mid range, with a potential to go down. We are on the sell side.
GBP USD :– Gbp usd was well supported as predicted in the previous post, staged a robust recovery from just shy of 1.29000 and touched 1.32900 in the previous sessions. The pair is looking a little bit tired to run further, seems to take a breather for further strength. The pair is currently trading around 1.31300 at the time of writing, is in the mid of it’s range. Buying on dips if the pair goes down and sell on rallies if the pair goes up. Both strategies will be profitable at this point of time.
CHART OF THE WEEK :— USD JPY is weak due to jpy strength and seems to go down further with downside momentum but the pair’s weakness is expected to vanish soon. Buy on dips is highly recommended in this pair to earn decent profits. Pair is currently trading around 108.135 at the time of writing, a weakness till 107.500 is possible but buy on dips from here is also recommended. We are buying this pair.
USD CHF :– Usd chf is the pair showing continuous unexpected weakness due to Chf strength. Buy on dips strategy was recommended in the previous posts and the strategy is still valid to earn good profits. The pair is currently trading around 0.97000 touched 0.96000 recently. Pair is trading much below it’s mid range so a good potential to go upside is possible in this pair. We are buying the pair.
AUD USD :– AUD USD is maintaining it’s continuous growth without any correction, the upside momentum should start to wane soon. Sell on rallies strategy was recommended in this pair in my previous posts and still the same strategy is valid to earn good profits. The pair is currently trading around 0.69650 touched 0.70200 in previous session. Pair is trading near it’s Top, so a good degree of downside potential is possible in the pair. We are selling the pair.
NZD USD :– NZD USD is maintaining it’s continuous growth without any correction, the upside momentum should start to wane soon. Sell on rallies strategy was recommended in my the previous posts and still the same strategy is valid to earn good profits. The pair is currently trading around 0.66750 touched 0.67400 in the previous session. The pair is trading near it’s Top, so a good degree of downside potential is still possible in the pair. We are selling the pair.
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.
Stay tuned for more daily forex opportunities tomorrow.