Currency Strength Meter readings for week starting 14.07.2024

EUR GBP AUD NZD USD CAD CHF JPY TOTALS
EUR +1
GBP +5
AUD +4
NZD -5
USD -2
CAD -1
CHF +1
JPY -3

The Currency Strength Matrix is an advanced currency strength meter calculated using daily trend, specifically trend cycles, not percentage gain or loss like most other strength indicators. It is updated here every weekend based on the close of market on Friday. The arrows represent the trend each currency has against its respective currency.

For info on how to implement currency strength into your existing trading strategy, check out the guide at the bottom of the page. For information on how we identify market trends, please check out How to score a chart

Want to see these strength scores live, and on any time frame? You can now download our MT4 currency strength meter indicator so you can see strength in real time and across all time frames. Follow the link to find out more and to download MT4 Currency Strength indicator.

 

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Currency Strength meter weekly change table

  Last Week This Week Change
EUR -1 +1 +2
GBP +2 +5 +3
AUD +5 +4 -1
NZD -3 -5 -2
USD -2 -2 0
CAD 0 -1 -1
CHF +4 +1 -3
JPY -6 -3 +3

 

Weekly Market Note

Possible trending buys this week

GBPNZD, GBPJPY, AUDNZD, AUDJPY
 
Possible trending sells this week

N/A
 


Possible counter trend buys this week

N/A

Possible counter trend sells this week

GBPNZD, GBPJPY, AUDNZD, AUDJPY
 
 

How to trade using currency strength


Currency strength can be used to trade a wide range of market conditions, including trend, counter trend and range, but the easiest for the majority of trading strategies to trade will be with the trend. When trading trending markets you should buy a strong currency (>+3) against a weak currency (<-3). Good examples to look at for this will be pairs listed under possible trending buys or sells on the list above.

When you've identified a strong/weak pair, you then need to identify where price is within that trend before entering. Ideally, at the time of entering a trade, you want price to be within either of the green zones illustrated in the uptrend example below. This will mean you are trading in the direction of the trend, and have enough room left in that move to reach a profit target.  

If you wish to trade counter trend, you should look to sell strong currencies against weak currencies, expecting their roles to reverse, with the strong becoming weak and the weak stronger. Good examples to look at for this will be pairs listed under possible counter trend buys or sells on the list above. Again, you should also study their respective charts very closely before entering any trade and you ideally want pirce to be entering either of the red zones illustrated on the example below. These zones are where the trend has become exhausted and a counter trend move is more likely. 
How to trade trend using currency strength
Fig 1. Trend and Counter trend trading zones in an uptrending market.




NOTE - The markets listed above are based on the pairings of the strongest and weakest currencies from
our currency strength meter as we start the new trading week. The scores will change through the week and these changes can be found using our live indicator, which will signal these changes in real time and also across all time frames. Please use the strong and weak corrency pairs in combination with your own trading strategy to ensure you can find safe and efficient entries into these markets. Please use your own judgement before entering any trades.



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