As i said USD/CAD moved to the resistance level and then went down very quickly, but it was very hard to catch this move so we have to wait fo retracement to catch another bearish wave.
I made +60 pips on this, i hope you made more than that.
This week Forex technical analis.
Look at 1D EUR/USD chart
It is still going up, but is quite close to very strong resistance level.
Take note of MACD and RSI, they both are moving up what indicates bullish move, i drew trendlines on them so you can get better picture of it.
Look also at Fibonacci retracement, 38% level wasn't broken so it is also good news for bulls.
Now let's take a look at 4H chart.
Both MACD and RSI are going down, but trendlines were crossed and it is usually sign of strong bullish move which can take place.
Well there isn't much to talk about nothing is really sure when market is trading but i think it will be good to take LONG position near 38% retracement.
6 comments:
Nice analysis, thank you very much for your contribution! This type of educational material really helps new Forex traders to learn Forex trading! Personally, I used daily market analysis of TradingBanks to learn professional technical analysis! As a result, now I don’t need others help! Since, I know all the tricks of technical analysis!
Forex trading like other financial instruments is a way of increasing ones wealth, if done correctly.The difference between Forex trading on the foreign exchange market and other financial markets besides its huge size is that it has no physical location and takes place 24 hours a day. forex strategies
Technical analysis is the study of market action, primarily through the use of charts, for the purpose of forecasting future price trends. In its purest form, technical analysis considers only the actual price behavior of the market or instrument, based on the premise that price reflects all relevant factors before an investor becomes aware of them through other channels. Trade12 offers more than 250 tools for technical analysis and their platform is really user friendly for analyzing market.
Thank you for your great post. It's really very informative and really helpful. Please Keep posting. Thanks again.
UFX scam
This is very important for traders in the CFD market to start with the correct placement of orders. FXB Trading offers the right trading platform that provides real time information and important speculative tools related to more than fifty currency pairs in the forex market.
Hot Forex Signal: Best accurate forex signals and live forex signals without registration service provider in the world. Hot Forex Signal Trial Signals Package $ 21.1 for 7 days.
Post a Comment