Which Forex Pairs are Moving this Week?

Which Forex Pairs are Moving this Week?

Major Forex Pairs On the Move

Which Forex Pairs are Moving this Week
Which Forex Pairs are Moving this Week Getty Images

Quite a few of the major forex pairs have been overextended and the retracements are coming in across the board. 

The GBPUSD and GBPJPY were significantly overbought from last week's moves and are not retracing.  At the London opening, the GBPUSD pushed up to a high at 1.3618 before falling eighty pips to 1.3538 with more downside action expected as price is currently retracing back to the ATR on the 240-minute chart (around 1.3470).  The GBPJPY moved up to a high of 151.50 only to come down to a low of 150.78.  A continuation of the downward action is likely as it is also retracing back to the ATR on the 240-minute chart (around 149.00 currently).

GBPUSD and GPBJPY Overextended to long side

With the current weakness on the GBP, the EURGBP is moving up.  The EURGBP formed a low at .8778 and will likely make its way up to the ATR on the 240-minute chart (.8850).  This particular pair is great for trading OTM binaries because you can get some really cheap binaries by simply going out one strike price.  For example, price is currently trading at .8804 and the .8820 strike is available for only $21 in risk with a profit potential of $79 for the 7am expiration.

EURGBP Moving Up

The AUDUSD is currently retracing back to the ATR on the 240-minute chart, as well.  Currently this ATR is at .7980.

Most of the USD pairs (USDCHF, USDCAD, and USDJPY) are moving up, which is typical given that most of the other currencies are weak.  The USDCHF does have resistance overhead at .9615 and .9640, which may not be broken until the opening of the US session.  On the USDCAD, the only resistance is at 1.2212 and, if this area is broken, then the USDCAD should initially go higher.  The USDJPY doesn't have any overhead resistance on the 60 or 240-minute chart so it may continue until it's overbought or divergence appears.


The information contained above may have been prepared by independent third parties contracted by Nadex. In addition to the disclaimer below, the material on this page is for informational and educational purposes only and should not be considered an offer or solicitation to buy or sell any financial instrument on Nadex or elsewhere. Please note, exchange fees may not be included in all examples provided. View the current Nadex fee schedule. Nadex accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representations or warranties are given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk and any trading decisions that you make are solely your responsibility. Trading on Nadex involves financial risk and may not be appropriate for all investors. Past performance is not necessarily indicative of future results. Nadex contracts are based on underlying asset classes including forex, stock index futures, commodity futures, cryptocurrencies, and economic events.

Trading can be volatile and investors risk losing their investment on any given transaction. However, the design of Nadex contracts ensures investors cannot lose more than the cost to enter the transaction. Nadex is subject to U.S. regulatory oversight by the CFTC.