Forex pairs trapped in ranges after corona volatility

Forex pairs trapped in ranges after corona volatility

A quick scan through the 30+ Forex pairs in my watchlist shows that the momentum on the higher timeframes has completely died down. Ever since end of March 2020, when the initial Corona caused volatility slowed down, most currencies started ranging.

In my own trading, I adjusted and now trade the 30min and 15min timeframe since higher timeframes are not lucrative anymore.

Earlier this week, NZD shorts were the best opportunities but after an initial move, most Forex pairs have stopped moving.

The AUDJPY below is trapped between support and resistance boundaries to both sides. A move into the supply at 70 and 70.2 could cause a short-term bearish move. To the downside, 69.20 is the level that stopped the last selling wave.

 

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