This week’s currency market story is the same tired old saga as in previous weeks. USD Vs Non USD dominates as preferred trades due to wide ranges and the compression of cross ranges.
Same story for JPY cross pairs as AUD / JPY and EUR / JPY lead the way for better ranges and trades and to replace GBP / JPY as the normal market leader against JPY. CAD / JPY as usual not worth a click.
AUD / CHF and NZD / CHF are overbought and ultimately in agreement with AUD / USD and NZD / USD. AUD / USD and NZD / USD will see good moves this week due to pair compliance.
EUR / CHF and GBP / CHF are however oversold as EUR / USD and GBP / USD are overbought. What helps EUR / USD and GBP / USD go down is that the EUR / CHF and GBP / CHF ranges are compressed, meaning that EUR / CHF and GBP / CHF will not be much higher. It is necessary for EUR / CHF and GBP / CHF to fall for EUR / USD and GBP / USD to trade lower and relieve overbought conditions.
GBP / CAD for months and weeks remains a dead issue currency pair. GBP / CAD is oversold.
One positive aspect of trading this week is that many of the 18 currency pairs traded each week are easy trades and will perform well.
Note to last week’s trades:
GBP / AUD achieved +181 pips in 2 trades.
EUR / JPY hit perfectly as written 123.06 and then fell to hit the target of +111 pips.
USD / PLN reaches +900 ish pips
USD / HUF reaches +800 ish pips
USD / BRL reached = 2800 ish pips
Total 4,792 pips
Easy trades this week are higher PLN, HUF and BRL as the USD in all ME countries and our USD G28 pairs are heavily oversold.
As usual, all posted trades are achieving their goals, making a lot of money, and no trades have gone off the rails to correct a repair trade. Trades and consistency are unmatched week after week. It all depends on the predicted price path.
This week we will be trading EUR / AUD and AUD / USD
AUD / USD
Short anywhere or 0.7271 and 0.7284 to target 0.7122.
Runs below 0.7077 to reach 0.6988
Long 0.6988 to target 0.7032
Long 0.7122 to target 0.7165
EUR / AUD
Long Anywhere or 1.6336 and 1.6325 to target 1.6486
Long above 1.6499 to aim for 1.6580
Short 1.6580 to target 1.6522
Shorts 1.6486 to target 1.6417