Forex or Foreign Exchange is a lucrative market that offers ample opportunities for traders to make a profit. However, choosing the right currency pairs to trade can be a challenging task. The forex market is highly volatile, and various economic and political factors can influence the value of currencies. Therefore, it is essential to have a good understanding of the market and keep track of the latest trends to make informed decisions. In this article, we will discuss what to trade on forex right now.
EUR/USD
The Euro/US Dollar (EUR/USD) is the most traded currency pair in the forex market. It represents the value of the Euro against the US Dollar. The EUR/USD is influenced by various factors, including economic indicators, political events, and central bank policies. The European Central Bank (ECB) and the Federal Reserve Bank (Fed) are the primary institutions that impact the value of the currency pair.
As of August 2021, the EUR/USD is trading at around 1.17, and it is expected to remain stable in the short term. However, the long-term outlook is uncertain due to the COVID-19 pandemic’s impact on the global economy. Traders should keep an eye on the ECB’s monetary policy and the Fed’s interest rate decisions to make informed trading decisions.
GBP/USD
The British Pound/US Dollar (GBP/USD) is another popular currency pair in the forex market. It represents the value of the Pound Sterling against the US Dollar. The GBP/USD is influenced by various factors, including economic indicators, political events, and central bank policies. The Bank of England (BoE) and the Federal Reserve Bank (Fed) are the primary institutions that impact the value of the currency pair.
As of August 2021, the GBP/USD is trading at around 1.38, and it is expected to remain stable in the short term. However, the long-term outlook is uncertain due to the Brexit deal’s impact on the UK economy. Traders should keep an eye on the BoE’s monetary policy and the Fed’s interest rate decisions to make informed trading decisions.
USD/JPY
The US Dollar/Japanese Yen (USD/JPY) is a popular currency pair in the forex market. It represents the value of the US Dollar against the Japanese Yen. The USD/JPY is influenced by various factors, including economic indicators, political events, and central bank policies. The Bank of Japan (BoJ) and the Federal Reserve Bank (Fed) are the primary institutions that impact the value of the currency pair.
As of August 2021, the USD/JPY is trading at around 110.50, and it is expected to remain stable in the short term. However, the long-term outlook is uncertain due to the COVID-19 pandemic’s impact on the global economy. Traders should keep an eye on the BoJ’s monetary policy and the Fed’s interest rate decisions to make informed trading decisions.
AUD/USD
The Australian Dollar/US Dollar (AUD/USD) is a popular currency pair in the forex market. It represents the value of the Australian Dollar against the US Dollar. The AUD/USD is influenced by various factors, including economic indicators, political events, and central bank policies. The Reserve Bank of Australia (RBA) and the Federal Reserve Bank (Fed) are the primary institutions that impact the value of the currency pair.
As of August 2021, the AUD/USD is trading at around 0.73, and it is expected to remain stable in the short term. However, the long-term outlook is uncertain due to the COVID-19 pandemic’s impact on the global economy. Traders should keep an eye on the RBA’s monetary policy and the Fed’s interest rate decisions to make informed trading decisions.
Conclusion
In conclusion, choosing the right currency pairs to trade on forex requires a good understanding of the market and keeping track of the latest trends. Traders should consider various factors, including economic indicators, political events, and central bank policies, before making trading decisions. The EUR/USD, GBP/USD, USD/JPY, and AUD/USD are some of the popular currency pairs to trade on forex right now. However, traders should always do their research and analysis before entering any trade.
