Happy Monday everyone!
The market has been relatively quiet today, for the most part. Of course, there has been movement but nothing significant that warrants great excitement. If you are a swing trader and you have been trading, for example, NZD/USD since March 19th, you have continued to be profitable on your investment. Therefore, the best trades out there today are the ones that should be held over a period of 2-5 days or so. It isn’t so surprising that nothing amazing has happened, there hasn’t been much major news out today to drive the FX markets. U.S. existing home sales data was released and showed that sales rose 5.1% but that prices were down 15.5% from January. This information doesn’t give us much to be hopeful about but we will have to see what tomorrow brings, right?
So, I want to share with you guys the currency pairs I will be looking at for potential buy and sell positions.
BUY/LONG: EUR/JPY & NZD/USD
SELL/SHORT: GBP/AUD & USD/CHF
Also, an update for EUR/USD: This pair seems to be in a period of consolidation and doesn’t know which way to go at the moment. Let’s keep an eye on it to see what happens next. There may be a significant short term move in either direction within the next few days. As always, check on your economic info everyday. It’s so important!
Hope you’re all having a great day! 😀