The most excellent currency pair (CP) to begin trading is the currency pair (CP) that has the small spread as well as strong and sharp signals. Therefore, the EUR-USD is an excellent. Mostly brokers charge two pips at what time you purchase EUR-USD as well as recently I’ve seen few brokers, which charge even low than 1 pip.
The GBP-USD is very same to the EUR-USD but has a greater volatility and higher spread. You may try GBP-USD just after some months, which you’ve been running with the EUR-USD, if you’re comfortable and happy with the EUR-USD, just forget about the GBP-USD.
The USD-JPY & USD-CAD are totally different from the EUR-USD as well as GBP-USD as they’re dependent on 2 various countries, Canada and Japan with various economy as well as situation from GB, USA and Europe.
Canada is the oil supplier as well as the oil cost has a straight impact on Canadian dollar’s value. Therefore, the oil cost may work like a top pointer for USD-CAD. At what time, the oil price moves up then the USD-CAD moves down because the Canadian dollar’s values moves up.
Alternatively, Japan is the country which is oil consumer as well as so at what time the oil price moves up they’ve to give an extra and therefore they’ve to increase their product’s price. So, there’ll be low demand for products as well as the JPY’s value move down. At what time the JPY’s value move down, then the USD-JPY may move high but in such case, because the USD’s value has been moving down also, it’ll be a bit harder to employ the oil price to forecast the USD-JPY direction.
The CAD-JPY is a currency pair (CP) that has the stronger connection with oil price as Canada is the oil supplier & Japan is he oil consumer. Therefore, at what time the oil price moves up, the CAD-JPY moves down strongly as well as at what time visa versa. Certainly, countries may control their currency value via different methods and ways like increasing as well as decreasing the interest rate. The country like Japan does not allow its currency worth moves down so much due to oil price.
The AUD-USD has the best relation with gold price. At what time the price of gold moves up the AUD-USD moves up also. Therefore, if you pursue the price of gold as well as the USA economy, you may forecast the AUD-USD direction.
We’ve to have a look on weekly chart because it provides lots of useful information. The entire last candlesticks are above right BMB (Bollinger Middle Band) that means that the price be adamant to collapse middle band as well as move down. Alternatively, the 161.80 percent level that is working like resistance is very close to middle band (MB). The RSI explains the low side. Therefore, we must expect the cost to collapse the BMM (Bollinger Middle Band), we do not know at what time.