Daily Forex Analysis

Currency strength and weakness analysis based on 4h performance

GBP showed some strength during the early hours of the morning

CAD lost value again, a bit sideways this morning

USD seems stable and sideways

EUR, CHF and NZD still sideways not really doing anything

JPY is sideways after a bullish run

AUD still losing value although not so strongly anymore

Current daily trends

CHFJPY, there is a triangle formation on the 4h chart, not textbook but it is there
EURJPY, exact same formation as on CHFJPY
GBPAUD, trend confirmed
GBPJPY, trend intact, flat top triangle’s resistance got tested again this morning
USDJPY, trend intact

Possible trading signal for today or Monday

AUDNZD, a bit sideways on 4h chart
AUDUSD, wait for it to break the previous candle’s close
AUDGBP, wait for the previous significant high to be taken out
USDJPY, trade the break of the previous significant high

The markets have been sideways for 3 months now making it very difficult to trade. This is the main reason why we cannot be dependent on only Forex to generate a income for us.

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