Trade posted at 8:30am ET buy GBPUSD at 1.6256. This pair has been falling for a few days now since testing the 1.6700 highs. The daily trend line has been well established for the year and it is now testing that trend line. Looking for a bounce and return higher in the direction of the overall trend direction. Use caution on the break of the trend line. Buy zone down to 1.6230.
Click on image for larger view
No Comments
Convergence of Indicators
Often times, when you can identify a level, where multiple indicators point to a certain outcome there can be a higher probability of that outcome, which is the case of the GBPUSD today.
Click Image for Larger View
This morning we can see at 1.6235/40 that there are 4 different indicators pointing to a price barrier, or what I like to refer to as a wall. First the trend line from the (more…)
No Comments
Potential long term technical setup has begun to take shape on the USDCAD. It is no secret that the trend for the USDCAD has been down for quite a while. Recently it has tested support into the mid .9600′s and has rebounded back into the .9800′s. This rebound has been challenging the daily trend line and gives us the first clue that the trend just might be changing.
Click on image to enlarge
Along with the challenge of the trend line comes the break of former support in the .9850 area. As you can see from the chart example, the break of the (more…)
No Comments
This Free Forex Training Course is one of the most comprehensive trading courses on the market today. Learn more about some of the most critical, basic elements and concepts of Forex Trading.