StopHunter
2022-08-16
Currency pairs worth picking off in the shorter term?

Looks like the US Dollar is strengthening again in the shorter term. Which other currencies are weak that you could combine for some potential trade ideas? Looking at the currency strength chart attached - GBP and EUR looking the weakest. So id be looking to sell (BEARISH) when the technical anlalys lined up:

$Euro FX - main 2203(EURmain)$
$British Pound - main 2203(GBPmain)$

EURUSD:
Targets & Risk Management (See also Renko chart attached)....
Bearish Downsides: T1 1.0034 T2 0.998 T3: 0.993
Stops: Bearish 1.017

GBPUSD:
Targets & Risk Management (See also Renko chart attached)....
Bearish Downsides: T1 1.1979 T2 1.190 T3: 1.853
Stops: Bearish 1.2125

Conclusion: GBP looks the better quick shorter term downside idea. EUR may take a little more time to move down.

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Best of luck with the trading,

Regards

Stephen

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Comments

  • BellaFaraday
    2022-08-18
    BellaFaraday
    How many basis points will Powell raise rates in September?
    • StopHunter
      Good question BellaFaraday - if inflation keeps rolling up in the US (in the UK we are now over 10) could see it up another 0.5 to 3, but 0.25 at a minimum. A lot can change before now and then!
  • ElvisMarner
    2022-08-18
    ElvisMarner
    I don't think sterling will depreciate any time soon.
  • Maria_yy
    2022-08-18
    Maria_yy
    I didn't expect you to follow the foreign exchange market.
    • StopHunter
      Yep trade a lot of FX - run auto trading on them mostly: Favourite pairs: USDJPY, GBPUSD, EURJPY, CADJPY, AUDUSD. USDZAR, USDNOK!
  • MortimerDodd
    2022-08-18
    MortimerDodd
    Do you think the dollar index can go up to 110?
  • EvanHolt
    2022-08-18
    EvanHolt
    The euro has certainly been weak lately.
  • MeHu
    2022-08-16
    MeHu
    [Smile]
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