An Alternative to avoid trading the EUR #forex #referendum
Talking about Greece and what happened during the weekend, which is a major risk event that could put global markets and the euro under significant pressure. I prefer to avoid trading the euro, we will probably see higher margin requirements from brokers and bad execution. I am looking for some other pairs that may provide a good trade-able opportunities with a bit less insane volatility.
One of the pairs that could provide an opportunity is the AUDJPY, which has been always a good meter of risk around the financial markets. Plotting the AUS200 index on the same chart clearly outlines the positive correlation between both. The correlation was distorted slightly with the start of this year, in January, however the gap is starting to diminish again.
I put both indices just to illustrate the correlation between positive sentiment and the AUDJPY, and in our case sentiment is far from positive, and thus we might see a breakdown in both. That may provide a nice AUDJPY Short trading opportunity.
My best regards
Technician
Subscribe to my trading portal thefxchannel.com
One of the pairs that could provide an opportunity is the AUDJPY, which has been always a good meter of risk around the financial markets. Plotting the AUS200 index on the same chart clearly outlines the positive correlation between both. The correlation was distorted slightly with the start of this year, in January, however the gap is starting to diminish again.
I put both indices just to illustrate the correlation between positive sentiment and the AUDJPY, and in our case sentiment is far from positive, and thus we might see a breakdown in both. That may provide a nice AUDJPY Short trading opportunity.
My best regards
Technician
Subscribe to my trading portal thefxchannel.com