Forex Trading Opportunities With Less Risk - 3/21/2016
This is Easter week, so unless PMI data from Euro zone / USA rattles the market, it is going to be calm range bound affair. That translates into good opportunities with less risk !
AUD/USD long at 0.7575 got filed yesterday and we just got 10 odd pips to start the week. Still it seems like Australian dollar wants to test lower limit so we have stop for the remaining position at 0.7575. If it goes down then 0.7550 is there to give us another 15/20 pips ! Well, test of 0.7500 could be an eater egg with 50 pips in it ;)
So again trading AUD/USD from long side with 0.7575 and 0.7550 in mind.
For other pairs,
EUR/USD - First test of 1.1300 will most likely to be sold so we would like to trade that level again. ( Friday we had good few pips from 1.1280 - 1.3000 range ) This time we won't be inclined to get long 1.1250 but 1.1200 is more interesting level. So if short from 1.1300 then target would be 1.1260 and 1.1200.
GBP/USD - 1.4400 still has the valid case for quick long trade but 1.4375 is the level to take interest into.
USD/CAD - Could be interesting for Long entry if 1.3000 holds again. Because crude oil is likely to be range bound between 37 and 41.
USD/JPY - Hot pair currently but caution is advised before jumping into sell wagon. We would rather trade it with neutral bias between 110.50 and 112.50 range. On a contrarian point of view long side is preferable on exhaustive sell rallies near 110 with tight stop. Because if that breaks then there will be quick ugly trip to 105 but until then seems like it won't be that easy to breach that level.
AUD/USD long at 0.7575 got filed yesterday and we just got 10 odd pips to start the week. Still it seems like Australian dollar wants to test lower limit so we have stop for the remaining position at 0.7575. If it goes down then 0.7550 is there to give us another 15/20 pips ! Well, test of 0.7500 could be an eater egg with 50 pips in it ;)
So again trading AUD/USD from long side with 0.7575 and 0.7550 in mind.
For other pairs,
EUR/USD - First test of 1.1300 will most likely to be sold so we would like to trade that level again. ( Friday we had good few pips from 1.1280 - 1.3000 range ) This time we won't be inclined to get long 1.1250 but 1.1200 is more interesting level. So if short from 1.1300 then target would be 1.1260 and 1.1200.
GBP/USD - 1.4400 still has the valid case for quick long trade but 1.4375 is the level to take interest into.
USD/CAD - Could be interesting for Long entry if 1.3000 holds again. Because crude oil is likely to be range bound between 37 and 41.
USD/JPY - Hot pair currently but caution is advised before jumping into sell wagon. We would rather trade it with neutral bias between 110.50 and 112.50 range. On a contrarian point of view long side is preferable on exhaustive sell rallies near 110 with tight stop. Because if that breaks then there will be quick ugly trip to 105 but until then seems like it won't be that easy to breach that level.
