DEC 12 FOREX STRATEGY: WHICH PAIR SHOULD YOU TRADE?
Today charts are pretty bad. Most currency pairs don’t have much fluctuation. They tend to move according to the USD. Let’s take a look at some chart so you know what forex strategies you should apply.
The Fed didn't change anything at this morning's monetary policy session. They announced that they would keep the current interest rate unchanged (probably until next year), and not changing the economic growth forecast.
The Die Zeit weekly quoted the finance minister on Wednesday that Germany will not shrink its investment size even if tax revenues fall.
Bloomberg reported that China hopes Trump will delay a tax increase on December 15 and spend more time negotiating a temporary trade deal.
Bank of Japan Governor, Kuroda. said the economy in countries such as the United States and China would still be stable and the global economy is expected to be relatively promising next year.
Forex trading strategies for USD/JPY
This pair has once again returned to the retest zone, 108.5. The fact that it continued to retest repeatedly proves it is more likely to breakout. Keep your short positions. You should not make new orders because the RR is not good. If there is a breakout, the target is the 108 zone.
Forex trading strategies for EUR/USD
Our caution for the EUR/USD has been justified when this pair continued to have unpredictable directions. The long-term trendline has been lost. More importantly, a giant head and shoulders pattern is slowly being formed on the daily chart. The price is testing the neckline. Now, there are more proofs that we should buy, wait for a consolation, and sell when there are increase signals.
Forex trading strategies for GBP/USD
Although there are signs of a fall, the price keeps going up. GBP is sure to fluctuate a lot because of the election result today. Basically, we still have decrease signals, and the rate 1.32 is still very high compared to general predictions. Therefore, we should be ready for long positions.
Forex trading strategies for USD/CAD
We have talked about a new falling trend of the USD/CAD pair, and it is happening. However, the current volatility makes trading this pair very risky. Our speculation is this pair will soon return to the 1.312 zone due to the current falling trend.
Forex trading strategies for AUD/USD
The AUD/USD pair is reaching an important zone - the long-term downfall trendline on the daily chart. There is no sign of a stop to the upcoming rise. Therefore, if this zone breakouts, the price can easily go up to 0.692.