Why AUD/USD and EUR/USD are Better Trade Setups than USD/JPY, GBP/USD
The breakout pressure on USDJPY and tentative momentum for GBPUSD seem to offer the best trade opportunities amongst the majors. However, there are problems with these moves. Both risk trends and a meaningful US dollar move are difficult - perhaps impossible - to generate without the kind of event risk we are facing next week. And, without a heavy dollar drive, we need cross-market influence to stoke volatility. That is why, AUDUSD and EURUSD are so well positioned. With key event risk, we can find volatility for those pairs that the USDJPY and cable can't provide. We discuss the technical and fundamental conditions shaping our trades in today's video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.