As long as we're staying in this low volatility environment (see Figure 1)it's very hard to have a clear trading bias when the majority of currency pairs are moving in narrow ranges, unless we already have a clear trend like EUR/USD which as per my expectation has started a very healthy bearish trend. So, beside having a bearish bias for EUR/USD I'm also expecting the high yielding currencies to get a bit as it make sense for investors who are chasing yield and a return in this market to apply carry trading strategies. So in this regard I'm also looking for kiwi and aussie to be supported in coming week.

Figure 1. JPMorgan Global-currency Volatility Index

Anything else looks very choppy for me and it's quite hard to form an opinion as the market is prone to many false breakouts in this environment. Staying aside when there is no clear direction it helps to improve your discipline so it's nothing wrong being out of the market, however I do have some trades in mind that I'm going to give it a try and in particular I'm focusing my attention to gbp/jpy as I still fell it's going to break lower.

Best Regards,
Daytrader21
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