Forex market was showing some signs of reversal previous week. And we started to book profits in eur usd a little bit earlier. However with the overall strength of Usd, and due to Gbp usd’s weakness Eur Usd was also dragged lower. Usd jpy was in continuous uptrend in the whole last week. Usd chf also followed Usd jpy and continued it’s uptrend. Last week I not wrote about aud usd and Nzd usd as there was not much to add. Both the pairs were in downtrend and fetched a decent profit. Now the major question is if the forex major pairs are turning now? Let’s discuss all the major forex pairs in detail.
Following is are risk currencies about to turn in detail.
Eur Usd :– We misinterpreted the pair last week and booked profits a little bit earlier at around 1.09000. The following weakness in the pair was not exactly a surprise but we started buy in pair a little bit earlier was a silly mistake. USD was in strength and that reflected in eur usd too. The pair made a low around 1.06500, currently trading around 1.08000. Is the pair still in downtrend or the weakness over is a big question. Pair is looking overstretched but still needs a confirmation to reverse, according to our predictions. That confirmation is likely to arise in a day or two. Currently we are staying aside in wait and watch mode in this pair.
1st update :– 25 March — Eur usd price is confirming the reversal. Price finding it difficult to hold on lower levels. Current price of the pair is 1.08350.
Gbp Usd :– If you are a regular reader of this blog, you know that we recommended to sell the pair at around 1.30000 on 12 March update. Since then there is a continuing downturn in the pair and we highlighted in previous post that there is no sign of reversal yet. But from today onwards, the pair is showing some signs of strength. The pair will reverse from here or not is still to be confirmed. The pair will trade will little bit bearish bias before it turns. The pair is currently trading around 1.17800 after making a low around 1.14500. We are still in wait and watch mode to trade the pair. The pair will confirm it’s direction in next few days.
1st update :– 25 March — The pair is finding it difficult to hold on the lower levels, reversal is confirmed. Pair is currently trading around 1.19000. Good luck.
Usd Jpy :– We were adding the pair to our portfolio on every weakness. The pair made a low around 101.100 and a high around 111.900. The pair is now showing the signs of reversal. We are selling the pair on rallies now. There is not much to explain about the pair today, just sell it is the call. The pair is currently trading around 111.000. Any updates will be printed when needed.
Usd Chf :– In previous post we highlighted that the pair is trading near it’s resistance lines and should trade with bullish bias for some time. The pair was trading around 0.96000 that time. The pair made a high around 0.99000 and currently trading around 0.98200 at the time of writing. The pair is looking to compete it’s uptrend and likely to reverse so soon. Traders are advised to fasten their belts to sell the pair to earn decent profits. We have no positions in this pair.
Aud Usd :– Aud Usd was in downtrend from the last three weeks. We don’t updated about the pair in previous post as there was not much to explain. The pair made a low around 0.55300 recently and currently trading around 0.60400 at the time of writing. The pair has confirmed it’s reversal two days ago. But the train is not missed yet. Traders are recommended to join the uptrend for a decent profit in coming weeks. We are in buy position in the pair from the last two days.
Nzd Usd :– Nzd Usd was in downtrend from last three weeks. The downtrend has confirmed it’s reversal two days ago. Traders are advised to book profits in sell positions and buy the pair. The pair made a low around 0.54500 currently trading around 0.59800. Jump into the trend to earn good profits as there is a lot of potential for price to go higher. We have no positions in this pair.
Stay tuned for more in are risk currencies about to turn?
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.