Topic: How Crucial FX Trading Tactics Are!
How Crucial FX Trading Tactics Are!
The forex market is waiting for the Employment Situation Summary in May scheduled for this Friday. Therefore, it is estimated that the movement this week can be fluctuating under the context of traders tendency to sit on the fence. In fact, a choppy market is likely to be beneficial to short-term speculation as long as sufficient fluctuation range and risk management are possible. Basically, appropriate tactics can be in response to a fluctuating market regardless of a bullish or bearish trend in essence with the full knowledge of the forex market.To get more news about WikiFX, you can visit wikifx.com official website.
In addition, transient transactions in forex trading should be made based on the prudent consideration for currency pairs, indicative of buying the strongest currency while selling the weakest one in a combined manner, which is an idea frequently taught in my class regarding speculation in the forex market. As for the current market, the movement of some currencies is fully clear-cut, such as the strongest CAD and the weakest JPY. Speaking of the former, the Bank of Canada (BOC) has taken the lead in delisting as the domestic economy is boosted by the economic recovery in the U.S., coupled with the continuous growth of oil prices in the long run and the booming real estate market nationwide.
However, JPY was under pressure due to the surge of the U.S. bond interests in Q1. Recently, Japan has been enveloped by coronavirus again and announced an emergency state. At the same time, Tokyo Olympics and Paralympics are unlikely to be held on time. Even if they take place as scheduled, not only Japanese people but the financial market is concerned that the wave of mutated strains will sweep through the country as it did in South Asia. As such, the view that JPY is weak has been generally shared by the whole forex market.
Invited by Professor Andy Cheuk-Chiu Kwan, it has been my great honor to share my opinions on the forex market and tactics relating to the market entry on Youtube every Monday since early May. Fortunately, I always indicate that I am confident about the upcoming CAD/JPY market and am happy to be told by heads of some institutes that their enterprises have seen the growth of inquiries into the details of trading this cross and the process of opening an account.
The National Bank of New Zealand (NBNZ) announced the commencement of interest-rate hikes in the next year last week. In my opinion, the NZD/JPY market can be bullish in the future accordingly. In fact, this currency pair has witnessed the growth in the wake of a breakout and is largely possible to hit the peak at 81.564 even 83.907 against the backdrop of tightening monetary policies made by the New Zealand government if NBNZ officials dont change their minds.