How To Make Money Today: Daily Market Analysis and Forex Trading Signals 5 April 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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GBP/USD
On the H4, prices are abiding by a descending trendline resistance. We see the potential for a dip from our 1st resistance 1.31614 in line with 61.8% Fibonacci retracement towards our 1st support at 1.30832 in line with 78.6% Fibonacci retracement. Alternatively, breaking descending trendline will find prices climbing towards our 2nd resistance at 1.32081 in line with 100% FIbonacci projection. Our bearish bias is further supported by RSI being at levels where dips previously occurred.
Areas of consideration:
- H4 1st resistance at 1.31614
- H4 1st support at 1.30832
Bulls assault the 200-EMA at 1.3140 in the GBP/USD pair.
- For a new impulsive wave, pound bulls are looking for a breach of the symmetrical triangle around 1.3140.
- At 1.3135, the asset has run into resistance at the 200-EMA.
- In a range of 40.00-60.00, the RSI (14) indicates indecisiveness.
The GBP/USD pair is trading in a narrow range of 1.3086-1.3146, with volatility decreasing. In the absence of a possible trigger that may influence pricing, the cable is unable to draw volumes.
The cable is auctioning in a lengthy symmetrical triangular configuration on an hourly basis. The latter indicates a tightening of the ticks’ volatility, volumes, and size. When the same breaks out, it leads to an increase in volume and bigger ticks. The symmetrical triangle’s top border is drawn from the March 25 high of 1.3225, while the lower boundary is drawn from the March 15 low of 1.3001.
During Friday’s and Monday’s trading sessions, the asset ran into resistance around the 200-period Exponential Moving Average (EMA). The 20-period EMA at 1.3115, on the other hand, is overlapping with the major.
Furthermore, the Relative Strength Index (RSI) (14) is swinging in the 40.00-60.00 area, indicating that the asset is indecisive.
A bullish trigger will take the cable towards the March 30 high at 1.3183, followed by the March 25 high at 1.3225, if the asset exceeds the monthly highs at 1.3146.
The asset will be dragged towards the March lows and the 26 October 2020 high at 1.3000 and 1.2880, respectively, if the symmetrical triangle is broken below the March 29 low at 1.3050.
GBP/USD hourly chart
GBP/USD
| OVERVIEW | |
|---|---|
| Today last price | 1.3113 |
| Today Daily Change | -0.0005 |
| Today Daily Change % | -0.04 |
| Today daily open | 1.3118 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1.313 |
| Daily SMA50 | 1.334 |
| Daily SMA100 | 1.338 |
| Daily SMA200 | 1.3557 |
| LEVELS | |
|---|---|
| Previous Daily High | 1.3137 |
| Previous Daily Low | 1.3093 |
| Previous Weekly High | 1.319 |
| Previous Weekly Low | 1.3051 |
| Previous Monthly High | 1.3438 |
| Previous Monthly Low | 1.3 |
| Daily Fibonacci 38.2% | 1.312 |
| Daily Fibonacci 61.8% | 1.311 |
| Daily Pivot Point S1 | 1.3095 |
| Daily Pivot Point S2 | 1.3072 |
| Daily Pivot Point S3 | 1.3051 |
| Daily Pivot Point R1 | 1.3139 |
| Daily Pivot Point R2 | 1.316 |
| Daily Pivot Point R3 | 1.3182 |
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