Today, the NZD/USD pair is trading in the range of $0.6720-95 and is testing the MA (200) H1 moving average line ($0.6785) on the hourly chart. The situation is similar on the four-hour chart.
Today, the USD/JPY pair is trading in the range Y115.25-45 and remains below the moving average line MA (200) H1 (Y115.60) on the hourly chart.
Today, the USD/CHF pair is trading in the range of Chf0.9224-45 after rising yesterday to a monthly high of Chf0.9280.
Today, the GBP/USD pair is trading in the range of $1.3620-45 - about a 9-week high. The pair broke through the resistance of $1.3605, which became the closest support.
Today, the EUR/USD pair is trading in the range of $1.1355-80 - above the MA (200) H1 moving average line ($1.1325). On the four-hour chart, the pair is trading above MA (200) H4 ($1.1310).
Yesterday, the USD/CAD was trading lower and closed the day in the red around the C$1.2575. It also dropped slightly today, dropping to the C$1.2550 level.
Yesterday the AUD/USD was trading higher and closed the day in positive territory around the $0.7210. Today it was trading in a narrow range of $0.7205-20, staying close to yesterday's closing price.
Yesterday, the XAU/USD was trading higher and closed the day in positive territory around the $1821. Today gold was trading in a narrow range of $1817-22, staying close to yesterday's closing price.
Brent crude traded higher yesterday and closed the day in positive territory around $83.80. Oil was trading in a tight range of $83.70-15 today, staying close to a 9-week high.
Yesterday, the USD/JPY was trading higher and closed the day in positive territory around the Y115.30. Today it was trading in a narrow range of Y115.25-40, staying close to yesterday's closing price.
The USD/CHF was trading lower yesterday and closed the day in the red around the Chf0.9235. Today it was trading in a narrow range of Chf0.9230-35, staying close to yesterday's closing price.
Yesterday the GBP/USD was trading higher and closed the day in positive territory around $1.3630. Today it has also increased slightly, rising to the level of $1.3645.
FOREX ANALYSIS: TECHNICAL AND FUNDAMENTAL
Forex analysis is based on monitoring all indicators that affect exchange rate fluctuations. First of all, these are macroeconomic indicators. These include the country's GDP, inflation, interest rates, etc. As a rule, these data are presented in countries' macroeconomic reports. After they are released, the exchange rate may change dramatically. See the economic calendar to learn the frequency of releases of such information.
Forex technical analysis uses information about exchange rate fluctuations over different time periods. Future exchange rates are forecast based on past or current data on exchange rate fluctuations. This type of analysis of the currency market uses various mathematical forecasting methods to help traders quickly draw conclusions about the situation on the market and make decisions on buying or selling a currency.
ANALYSIS IS NOT SOMETHING A NOVICE CAN EASILY DO
It is not easy for a novice trader to comprehend the wide variety of information coming from Forex and other financial markets. This is when forex analysis, which is provided by major brokers, in particular TeleTrade, comes to the rescue. On the company's website, you will always find forex technical analysis and stock market analysis, as well as fundamental research and forex recommendations. Market analysis is not something a novice can easily do. Therefore, you should only rely on professional research. Thanks to timely and high-quality forex market analytics , you can minimize your risks and make your investments as profitable as possible. You can bet that you will not miss a trend. By the way, it is from professional analysts that you can learn to accurately determine the forex trend, conduct technical analysis of the market and navigate the sea of significant current events in the forex currency market and other markets. The market analysis section is updated daily, so that you can have the whole picture of events.
Teletrade experts' reports, based on graphical analysis of the dynamics of popular currency pairs and gold, are regularly posted on this page.
The image combines several types of data: support and resistance lines, trading history, and a candlestick analysis chart . Each reference is accompanied by comments about possible price movements.
Analytics for various currency pairs are published every 15 minutes. For each tool, a morning and an afternoon reference are available, as well as additional references at night.
BASIC AXIOMS OF FOREX TECHNICAL ANALYSIS
Forex technical analysis is based on three main axioms:
This implies that all information that can affect the currency exchange rate has already been taken into account, and there is no need to further study the dependence of the exchange rate on political and macroeconomic factors for Forex technical analysis.
This axiom means that rates do not change randomly, but follow certain trends or a forex trend. Therefore, time rows of fkuctuations in exchange rates can be divided into intervals, in which the rate moved in one direction, subject to one of the three trends: descending, ascending, or sideways.
This axiom means that currency exchange rate fluctuations usually follow a cyclical pattern: rises are followed by recessions, sideways market movements and new rises, and if certain methods of technical analysis have worked in the past, they will work in the future, since they are based on human psychology, which remains unchanged. That is, forex trends tend to repeat themselves.
The process of technical analysis of the currency market is based on identification of individual trends and (or) so-called patterns—typical chart shapes or formations. Flag, Double Top, and Triple Top are the most famous patterns in technical analysis. The Head and Shoulders formation is a type of a triple top, whose first and the third peaks are lower that the second one. You can also encounter triangular-shaped patterns when analyzing Forex. Based on the identified trends and using various methods of technical analysis, conclusions are drawn about where the currency exchange rate is going, and a decision is made on the best option for entering and exiting a transaction.
Despite the fact that many currency traders consider it more rational to use technical analysis, in our opinion, one should not rely solely on technical analysis when trading. You should also not limit yourself to only using the fundamental Forex analysis. In reality, correct combination of these two methods is the basis of successful currency trading. Therefore, if you want to earn a high income by trading, you should pay equal attention to both fundamental and technical analysis of Forex.
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