Forex market was in a pause mode last week, euro and gbp eroded their recent gains, but will they continue the decline or it was just a breather? Aud registered a new high this week before slipping down due to profit bookings. Jpy weakness was also in a state of stagnation. Traders made good profits by selling rallies in nzd usd as recommended in our previous posts. Chf is maintaining it’s strength continuously dragging the usd chf downwards but for how long? Let’s discuss all the major forex pairs in detail.
Following is how forex market may behave this week? and CHART of the WEEK.
EUR USD :– Eur Usd erodes all it’s recent gains and returns to bottom of it’s recent price range. However the pair is still weak but the bottom is not so far. The pair is currently trading around 1.10950. Buy on dips strategy is recommended in this pair from here and lower. The pair is expected to find the bottom so soon as the pair is very much near to it’s support lines. We are buying this pair on dips.
GBP USD :– Gbp usd is wandering here and there in it’s recent familiar range. The pair made a high of 1.31190 before slipping down to near term bottom. The pair is currently trading little bit above it’s support lines and trading around 1.30000 at the time of writing. The sell momentum is going to expire in this pair, is expected to find it’s bottom price so soon. We have buy positions in this pair around 1.30000 with plans to add more if further weakness is shown by it.
CHART of the WEEK USD JPY :– USD JPY is the pair where most of the analysts are recommending a buy if pair crosses 110.500-600 but our team is on the sell side, the upside momentum should vanish soon and the pair should not cross 110.500-600 in the near term, if the pair reaches the above stated price zone it will be a very profitable opportunity to sell the pair with more volume. We sold the pair a little bit earlier at around 109.600 and are continuing to sell on rallies. The pair is currently trading around 110.200 at the time of writing and is trading exactly at it’s recent resistance lines.
USD CHF :– USD CHF is the pair in which Chf is continuing to put pressure on usd without any meaningful corrections on the upside. But the question is for how long? Chf strength should come to an end in the near term and the pair should correct to upside as per our belief. The pair is currently trading around 0.96800 after making a low of 0.96120 this weak, hovering above it’s bottom line and below it’s mid line, has potential to advance further. We have no positions in this pair.
Aud usd :– Aud usd made the bottom as expected in our previous posts. The pair is currently trading around 0.68840 after making a high of 0.69330. Pair took away it’s recent gains due to profit bookings and weaknesses of Euro and gbp. The pair is currently trading near it’s support lines and is expected to find the bottom so soon. Buy on dips strategy is still valid in this pair from here and below to earn good profits. We are on buy side in this pair.
NZD USD :– NZD USD fetched a good profit for those who were selling the pair as recommended in our previous posts. The pair is currently trading around 0.66200 after making a low of 0.65780 this week. The pair is trading near it’s support zone and also have potential to show further dips, is recommended to buy on dips if revisits it’s recent lows. We have no positions in this pair.
Stay tuned for more in how the forex market may behave this week?
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.