Last week was very quite for my trading account as I mentioned earlier that I was travelling and preferred not to open many trades without proper analysis. However in the coming weeks I will be opening lot of trades to make as much profit as we can.
There are quite a lot of opportunity to trade at the moment.GBPUSD pair has lost quite a lot and still declining from 1.6300 highs. There is a strong support around 1.5830 and I think it will be a good buying opportunity if it goes to that level.
Gold is on bullish side and last week it closed higher. It should take momentum in the coming weeks as we approach the US debt ceiling issue. House republicans have planned to vote on debt ceiling on 23rd Jan 2013. However if there is no resolution then market will start looking for Safe Havens and Gold has been considered as the biggest safe haven of all time. If we look at 2011 Debt ceiling at that time Gold was trading at 1500 level and as we approached the debt ceiling date Gold touched the historical high of 1750 per ounce. So My expectations from GOLD in the coming weeks will be bullish.
NZDUSD and AUDUSD has declined a bit in the last week which is expected to continue until Feb end. NZDUSD CPI was negative and now inflation has gone below 1% in New Zealand Which is below the target inflation rate of New Zealand government. Now it will be interesting to see if they will drop the interest rate at the end of the month. Historic high unemployment rate and low CPI indicates an interest rate cut. Australian government is also expected to make another rate cut in Feb which might take the pair below 1.0300 level.
EURUSD has been bullish and will continue the bullish tone in the coming weeks. There are no european financial issue and hence this year EURUSD should go up. All the bailout european countries are making their commitment and hence showing signs of improvement.EURCHF has gained the maximum in the past week. Swiss government is thinking to make the benchmark for the pair as 1.2500 which means the pair will trade at this level whole year. USDCHF has also gained momentum because of swiss government statements.
All the JPY pairs has gained once again and JPY has weakened further this week. JPY is likely to weakened more on the JPY monetary meeting on 22nd of Jan. However all the JPY pair could be volatile because of Debt ceiling issue or any statement from Japanese officials which we saw last week. EURJPY could touch 125 by end of the month and USDJPY could touch 92.
I wish all of the readers a happy trading and good luck.
If you want to make consistent gains with low risk copy me because safe and profitable trading coming in the coming weeks with me.