How To Make Money Today: Daily Market Analysis and Forex Trading Signals 7 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
Prices are reaching a pivot on the H4 chart. We see the possibility of a positive continuation from our first support at 1.30951, which corresponds to a 38.2 percent Fibonacci retracement, to our first resistance at 1.31763, which corresponds to a 100 percent Fibonacci projection. Alternatively, if prices continue to fall, we may see prices fall even lower to our second support level of 1.30511, which corresponds to the 61.8 percent FIbonacci prediction. Our bullish attitude is bolstered by the fact that the RSI is near levels where prior rebounds have occurred.
Consider the following points:
1.30511 is the first resistance level for H4.
1.30951 is the first support in the H4 chart.
GBP/USD is still susceptible below 1.3100, owing to the gloomy tone ahead of the Fed minutes.
Key Quotes
“We said yesterday that the pound ‘might slip below 1.3050.'” ‘The main support at 1.3000 is likely out of reach,’ we said. While GBP went on to break beyond 1.3050, it swiftly recovered from 1.3046 and concluded the day barely altered at 1.3069. (-0.02 percent ). The underlying tone is still a little light, and the bias is still to the negative. However, 1.3000 is still a long way off (there is another support at 1.3040). 1.3095 is the first level of resistance, followed by 1.3110.”
“We said yesterday (06 Apr, spot at 1.3070) that GBP might surpass 1.3050, but it remains to be seen whether GBP can break through the important support around 1.3000. Following that, the GBP fell to 1.3046, and our opinion has not changed. Only a break of 1.3135 (no change in’strong resistance’ level) would suggest that the present downward tendency has relaxed.”
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