To assist you make a good day trading selection, we’ll cover the newest forex market analysis. Here we help traders make trades, we must know how to trade first, and now we will cover how to interpret candlesticks and analyse chart patterns. Aside from that, we’ll cover some basic tips and methods that can aid anybody curious in day trading strategies. So let’s start by looking at some charts from today…
DXY:
On the H4 timeframe, prices are consolidating in a triangle and we see the potential for prices to continue to climb from our 1st support at 95.988 in line with 61.8% and 78.6% Fibonacci retracement towards our 1st resistance at 96.292 in line with 61.8% Fibonacci extension and 23.6% Fibonacci retracement.our bias is supported by ichimoku clouds turning bullish. Alternatively, breaking our 1st support will find prices dipping towards our 2nd support at 95.836 in line with 100% Fibonacci retracement.
Areas of consideration:
- H4 time frame, 1st resistance at 96.292
- H4 time frame, 1st support at 95.988
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XAU/USD (GOLD):
On the H4 chart, prices are on bearish momentum and abiding to our bearish trendline. We see potential for prices to dip from our 1st resistance at 1791.66 in line with 100% Fibonacci retracement and 78.6% Fibonacci extension towards our 1st support at 1774.42 in line with 61.8% Fibonacci retracement. Technical indicators are showing bearish momentum. Alternatively, breaking our 1st resistance will find prices climbing higher towards our 2nd resistance at 1808.37 in line with 161.8% Fibonacci projection and 38.2% Fibonacci retracement.
Areas of consideration:
- 4h 1st support at 1774.42
- 4h 1st resistance at 1791.66
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GBP/USD
On the daily chart , price has recently broke out of the descending trendline and is near the first support level of 1.31928 which is also the graphical swing low . Price can potentially go to the 1st resistance of 1.33513 which is also 50% Fibonacci retracement and 100% Fibonacci projection. Our bullish bias is supported by RSI and is abiding by the ascending trendline.
Areas of consideration:
- H4 1st support 1.31928
- H4 1st resistance – 1.33513
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USD/CHF:
On the H4 timeframe, we can expect price to drop from 1st Resistance in line with 38.2% Fibonacci retracement toward 1st Support in line with 100% Fibonacci projection and 127.2% Fibonacci extension. Our bearish bias is further supported by the RSI indicator abiding to the descending trendline resistance. Traders should wait for prices to swing higher or lower before entering. Traders should wait for prices to swing higher or lower to enter.
Areas of consideration:
- Watch 1st Support at 0.91761
- Watch 1st Resistance at 0.92640
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EUR/USD :
On the H4 chart price is abiding by the descending trendline and near the first resistance level of 1.13718 which is also 38.2% Fibonacci retracement and 61.8% Fibonacci projection. Price can potentially dip to the first support level of 1.11877 which is also 127.2% Fibonacci retracement and 100% Fibonacci projection. Technical indicators support our bearish bias.
Areas of considerations :
- H4 1st resistance : 13718
- H4 first support : 1.11877
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USD/JPY
On the H4 timeframe, price broke out of the ascending trendline support, signifying a bearish momentum. We can expect the price to drop from 1st Resistance in line with 38.2% Fibonacci retracement to the 1st Support in line with 127.7% Fibonacci projection,horizontal support and 100% Fibonacci projection. Our bearish bias is further supported by the RSI indicator where it is abiding to the descending trendline resistance.
Areas of consideration:
- H4 1st resistance level 113.771
- H4 1st support level 112.740
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AUD/USD:
On the H4, price has broken out of the descending trendline resistance, signifying bullish momentum. We can expect price to bounce from 1st Support in line with 23.6% Fibonacci retracement towards 1st Resistance in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is further supported by the EMA period 50 acting as a support.
Areas of consideration:
- H4 1st Support level 0.71247
- H4 1st resistance level 0.72303
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NZD/USD:
On the H4 timeframe, prices have broken out of our bearish trendline. We see potential for further upside from our 1st support at 0.67412 towards our 1st resistance at 0.67950 in line with 61.8% Fibonacci retracement. Technical indicators are showing bullish momentum. If price breaks our 1st support, prices can potentially dip further towards our 2nd support at 0.67128 in line with 127.2% Fibonacci extension.
Areas of consideration:
- H4 time frame, 1st resistance at 0.67950
- H4 time frame, 1st support at 0.67412
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USD/CAD:
On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop to 1st support at 1.26227 in line with the graphical overlap support and 50% Fibonacci retracement from 1st resistance at 1.27586 in line with the graphical overlap resistance and 61.8% Fibonacci retracement. Alternatively, we may see price break 1st resistance and head for 2nd resistance at 1.28485 in line with the horizontal swing high resistance.
Areas of consideration:
- H4 time frame, support at 26227
- H4 time frame, resistance at 27586
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OIL:
On the weekly, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from 1st support at 70.27 in line with the graphical swing low support and 127.2% Fibonacci extension to 1st resistance at 85.75 in line with the graphical swing high resistance and 161.8% Fibonacci extension. Alternatively, we may see price break 1st support and head for 2nd support at 58.47 in line with the horizontal overlap support.
On the daily, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from 1st support at 72.48 in line with the graphical overlap support and 38.2% Fibonacci retracement to 1st resistance at 76.42 in line with the graphical swing high resistance and 61.8% Fibonacci retracement. Alternatively, we may see price break 1st support and head for 2nd support at 67.8 in line with the horizontal swing low support and 78.6% Fibonacci retracement.
On the H4 timeframe, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from 1st support at 72.54 in line with the graphical overlap support and 38.2% Fibonacci retracement to 1st resistance at 78.27 in line with the graphical overlap resistance and 78.6% Fibonacci retracement. Alternatively, we may see price break 1st support and head for 2nd support at 67.7 in line with the horizontal swing low support and 78.6% Fibonacci retracement.
Areas of consideration:
- H4 time frame, 1st resistance of 27
- H4 time frame, 1st support of 54
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Dow Jones Industrial Average:
On the weekly, with price approaching the support of the stochastics indicator, we have a bullish bias that price will rise from 1st support at 34568 in line with the graphical swing low support to 1st resistance at 36649 in line with the graphical swing high resistance and two 161.8% Fibonacci extension levels. Alternatively, we may see price break 1st support and head for 2nd support at 32522 in line with the 127.2% Fibonacci extension level.
On the daily, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from 1st support at 35008 in line with the graphical overlap support and 38.2% Fibonacci retracement to 1st resistance at 36165 in line with the graphical swing high resistance and 78.6% Fibonacci retracement. Alternatively, we may see price break 1st support and head for 2nd support at 34015 in line with the horizontal swing low support.
On the H4, with approaching the resistance of the stochastics indicator and the horizontal graphical level, we have a bearish bias that price will drop to 1st support at 35503 in line with the horizontal overlap support and 23.6% Fibonacci retracement from 1st resistance at 35863 in line with the 78.6% Fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 36062 in line with the horizontal swing high resistance.
- 4H resistance at 35863
- 4H support at 35503
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