Weekly FX Market Review
2023.01.10 02:23
Budrigannews.com – Within the ranges of 2 and 300 pips, currency markets reached neutrality for 18 different currencies. Since its inception two weeks ago, neutrality has fulfilled weekly and long-term expectations. Last month, the majority of currency prices traded 700 pips, and range trading became the norm for weeks or even months after the month ended.
Breaks in the range or the crucial MA are typically required to initiate a trend; However, currency prices only move into new two- and 300-pip ranges if crucial MA breaks trade. While the exchange rate numbers may shift, neither the situation nor the 2 and 300 pip ranges will.
Trade in a holding pattern for 18 currency pairs because overbought or oversold conditions do not exist. USD vs. non-USD currencies are the drivers of the currency market, as are and. The top three recommended trades for the upcoming month are all, followed by the JPY cross pairs as and.
is the exception because there is no trading signal other than shorts below 162.00 s with the goal of returning to 159.00 s. Lows for January are anticipated at 156.46, with a significant risk of 156.10 EUR/JPY has targets of 134.34 with caution at 135.18, CAD/JPY has targets of 94.37 with caution at 95.33, and AUD/JPY has targets of 88.69 and 87.99.
For USD/JPY and JPY cross pairs, EUR/USD and GBP/USD use a long-only strategy. The only reason EUR/USD and GBP/USD are long is because their long-term targets are at 1.1001 and 1.2700, respectively, provided that EUR/USD moves above 1.0852 and GBP/USD trades above 1.2500.
The USD/JPY short target only comes from 129.00 and 128.81; However, the USD/JPY pair is trading above the 125.00 support level, which has not moved in the past month.
More Euro is moving towards 1.10 level
also trades as an anomaly as GBP/AUD from 1.7500s to 1.7700s, where it must trade short. is the best trade to, whereas is the preferred trade.
Over the next month, the most profitable trades will be EUR/USD, GBP/USD, USD/JPY, and JPY cross.
