Learn how to be successful with foreign exchange trading
At the forex market we are now seeing a slight recovery before Friday's news. Currency traders are nervous and prepare to meet the strong trending moves. Currency pair Australian Dollar and Japanese Yen is clearly shows increasing trend on the chart. And it's not that the Australian dollar started shaking, but that the Yen beginning to yield its position in the forex market against all currencies. Australian Dollar is weakening at all crosses and continues to fall down, but Yen was even weaker. We set aside an order to break through the resistance level of 86.40 with a target of 140 points to the next resistance level of 86.00. Just after the 86.00 there is a resistance area where the price can get the punch to the teeth. It is possible that the price continue the upward rush, but given the weakness of the Australians, this scenario is unlikely to happen.
The price is above a simple moving average 200 MA and 20 MA indicating bullish trend.
The MACD trend indicator is above zero level now, indicating bullish movement
If the support level is broken you can use the following recommendation:
• Chart timeframe: H4
• The trade recommendation: Buy
• The level of entry into short position 84.60
• The level of profit and close the position: 86.00 (140 pips)
Forex currency pair EURUSD
Possible bearish movement in the breakdown of the support level 1.0610
Forex currency pair USDCHF
Possible bullish movement in the breakout of the resistance level 1.0175
Precious metal GOLD
Possible bearish movement in the breakdown of the support level 1180.60
Forex currency pair GBPUSD
Possible bearish movement in the breakdown of the support level 1.2370
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