Top 5 Most Predictable Currency Pairs for Q2 2018

Top 5 Most Predictable Currency Pairs for Q2 2018

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#1. Gold

Gold prices were seen edging higher over the quarter but price action managed to stall near the resistance level around the 1300.00 round number level over the past three months. Still, with the strong gains posted to this level, a breakout off this level cannot be ruled out.

Is Gold on the verge of a breakout to the upside?


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In the next quarter ahead, gold prices are likely to be influenced by the U.S. monetary policy and the global themes which are currently divergent. This could keep gold prices continue to trade flat around the current levels. A strong breakout above 1300, preferably on a monthly close could convince the upside bias as the precious metal could target the previous highs at 1377 level.

#2. EURGBP

The EURGBP currency pair has turned flat near the highs with price action maintaining a steady range of 0.8926 and 0.8691 level. This flat price action which has been in play since the past six months is expected to continue unless there is a breakout from this level.

EURGBP has every reason to trading within range this coming quarter

In the next quarter, we expect EURGBP to maintain this range especially as longer term risks related to Brexit uncertainty abates. Last quarter, the EU and the UK managed to seal a transitory deal that would allow for an orderly exit from the EU. This removes a significant amount of risk from the EURGBP which could reflect in price action staying flat at the current levels. Watch for a breakout below 0.8691 level of support which could see the euro giving up the gains and declining toward 0.8312.

#3. EURJPY

The EURJPY currency pair gave up most of the gains with February’s price action seeing a bearish close. Still, prices were supported near the 129.00 – 126.80 level of support. We expect to see this support level holding up in the near term.

Will the Uptrend Continue in Q2 2018 for EURJPY?

The longer term bias remains to the upside with EURJPY likely to target the 139.00 level of resistance. But considering the strong bearish close from February’s price action there is a significant risk that the EURJPY could break out below the support level. A close below 126.80 could signal a decline to the previous support level formed at 124.00 with EURJPY likely to maintain a range within 126.80 and 124.00 level.

#4. EURUSD

The EURUSD currency pair has turned flat following the strong gains to the $1.25 handle during the first three months of the year. Price action is expected to remain flat until we see a strong breakout from the current levels.

The EURUSD Bulls look tired and out of steam…

The currently bullish flag pattern being formed near the current levels puts the bias to the upside. However, given the pace of gains and lack of support being established in this rally, we expect the EURUSD to risk pullback. Support is seen near 1.1852 level which could be tested if the current momentum fails. To the upside, the EURUSD will need to breakout above the previous highs formed near 1.2455 level to maintain further gains.

#5. WTI Crude Oil

WTI crude oil prices managed to post some strong gains over the first quarter as noted in our previous quarterly commentary. Price action drifted strongly higher from the previous levels of $54 to rise toward the $64 handle. The upside bias continues to remain.

WTI Crude Oil Going up higher likely…

WTI crude oil prices managed to post some strong gains over the first quarter as noted in our previous quarterly commentary. Price action drifted strongly higher from the previous levels of $54 to rise toward the $64 handle. The upside bias continues to remain.

 

Hopefully you found this list to be useful. If we have enough comments, we will continue with this list every quarter. 2017 has been awesome for us and 2018 will even be greater.


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