How To Make Money Today: Daily Market Analysis and Forex Trading Signals 04 March 2022
To assist you to make a good day-trading selection, we’ll cover the newest forex market analysis. Make more money today with our market analysis. You must know how to trade first, and have at least a simple understanding of 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…
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DXY:
On the weekly, prices are on bullish momentum. We see potential for prices to dip from our 1st resistance at 98.675 in line with 127.2% Fibonacci extension towards our 1st support at 97.410 in line with 38.2% Fibonacci retracement. Divergence is spotted on RSI, further supporting our bearish bias.
On the daily, prices are at a strong resistance. We would watch for our intermediate support for a potential break. A break would result in prices dipping downwards to our 1st support structure at 96.518 in line with 61.8% Fibonacci retracement. Alternatively, prices may travel higher towards our 1st resistance at 97.971 in line with 100% and 127.2% Fibonacci extension.
On the H4 timeframe, prices are abiding to a daily ascending trendline and are at a pivot. We would expect a pullback from our 1st resistance at 98.396 in line with 161.8% Fibonacci projection towards our 1st support at 97.797 in line with 23.6% Fibonacci retracement. RSI is on bearish depicting bearish divergence, further supporting our bearish bias.
Areas of consideration:
- H4 time frame, 1st resistance at 98.396
- H4 time frame, 1st support at 97.797
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