Indecisive Markets Into Month End
Mon 31st July 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- GBPAUD (Primary Focus Pair)
- USDJPY (Covered In Video)
- GBPJPY(Covered In Video)
Our Interest (pending order)/Open Interest (live position)
| N/A | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | |||
| Stop Loss (Min) | |||
| Stop Loss (Max) | |||
| Profit 1 | |||
| Profit 2 |
Risk warning: Trading carries a high degree of risk. Read more here.
We are at the end of July and the indecision in the market is clear as we see a complete change around once again to our live forex strength vs weakness tables.
A good example of this is the JPY, on Friday it was featured as the strongest currency and by today it is the weakest.
An indecisive market can be difficult to trade so despite there being good levels to look out for, it may be wise to wait for some clear direction towards the end of this week if we get any at all.
That being said GBPAUD is highlighted by the tables.
GBP is the second strongest currency and AUD is the second weakest currency according to our tables.
GBPAUD closed last week as a strong bullish candlestick above the resistance level at 1.9150.
This could show that momentum is with the buyers and we should look for continued long opportunities on pullbacks.
Price on the H4 chart made a new higher high, higher low pattern.
The prior H4 candle highs intersect with the key support level of 1.9150 and the 61.8% Fibonacci retracement level.
Technical Observations:
- GBPAUD is in a bullish trend.
- Price is trading above the daily 200 moving average.
- GBP is S2 and AUD is W2 on the day traders tables.
- Price could rally higher under the right conditions.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
