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EUR/AUD Buy Trade Education ReviewHere I'd just like to go over a great buy position on EUR/AUD. We know the pair is in a long term downtrend. This doesn't mean we can't take intraday buys on the pair providing we target sensible levels. Here we are highlighting how a trendline can be utilised as dynamic resistance. The fibonacci level drawn from our 1hr swing low to high shows that our 0.764 level coincides with our descending trendline and adds confluence to the buy position. Never trade off fibonacci levels alone, but as confluence and to help you manage trades they are absolutely fine. We can see our sensible target is the previous 1hr swing high.
Education
by Jal121
GBP/USD - 200 pip Bearish Move 1.37 - 1.35After touching the top of our ascending channel price has formed lower highs and lower lows including one break of a very key 4hr level. Price has moved 200 pips and currently finding some bulls sitting at 1.35. We have a very strong daily chart level at 1.34. Fundamentally, we have possible reasons why we could see USD bulls continue to take the dollar higher this week. For the GBP Covid cases continue to rise across London and some parts are experiencing 1 in 20 people having the virus. So, our fundamentals are in line with are technicals which could well mean more bearish pressure on the pair.
by Jal121
EUR/USD - We got the break of structure!Good morning traders! Check back to last week where we predicted a break of structure on the pair. Well, we've seen that. Look at price now respecting and finding support at our already marked key level in the market. With bears looking pretty strong will we see a break of this level and further movement to the downside this week? Look closely, and you can see our ascending trendline has been used as dynamic resistance. Price broke the line to the downside, came back to retest the line before falling. This is a great bearish confirmation to enter a long term short position. Happy Trading!
Short
by Jal121
NZD/USD - Textbook Break and Retest SetupsNZD/USD has been on a long term uptrend since March 2020. Zooming into the 4hr we can identify an ascending channel that has been respected for some time. Here can see that key levels are being broken to the upside and price is coming back to retest the level as support. From these levels we can take out long positions as a break and retest setup. It will be interesting to see whether price continues it's bullish move and break through the 0.73 whole level, already once respected. Drop me a message if you'd like to ask any questions.
Long
by Jal121
USD/CHF - Trend IdentificationGood Morning Traders. Here is an educational piece on two key things. Before trading a currency pair, we want to head to at least the daily chart to identify the long term trend on the pair before we scale down to our lower time frames. To identify a trend is simple. For an uptrend, look for higher highs and higher lows. Here is a clear long term downtrend on UCHF. We can see price is making lower highs and lower lows. This indicates a downtrend. It is important to zoom out and see highs and lows of markets long term. We've done that here with USD/CHF and we can see that price is now at 6 year lows! Will sellers keep pushing price down further or is this a level where buyers will jump into the market? Top Tip - You can always switch to a line chart. This makes identifying the trend easier for forex beginners!
Education
by Jal121
GBP/JPY - 4HR Structure and Potential Price PathsGBP/JPY - 4HR Structure We can see here that price is trading in a flat channel, with 2 bounces off our 4hr resistance and support levels. Zoom out to the daily chart and we can see this pair is in a long term uptrend, and nearer the bottom of our 'bigger picture' ascending channel. Therefore, we can anticipate that price will break out of this structure to the upside. However, we might see price continue to trade inside this flat channel for the rest of the week. Aside from identifying simple structure, I'm trying to highlight the importance of looking at higher time frames to identify overall market direction before looking to trade the lower time frames.
by Jal121
GBP/USD - 4HR Structure!This is GBP/USD on the 4hr chart. In most recent price we can see we broke a key level yesterday and we can see price has revisited our level quickly after. The blue circle at the top indicates where trendline bounces and whole psychological levels can be used in harmony to take high probability entries! If you remember we posted GU analysis on the 15 minute timeframe and we showed you how to identify a triple top and combine it with our 1.37 level which would have made you lots of pips! The ascending channel (marked by our two black lines) has been identified on the Daily timeframe. Happy Trading!
by Jal121
GBP/CHF - Simple Technical Analysis!GBP/CHF - 4 HR Chart - There are four different technical aspects on this chart. First is the double top, where price has formed a 'V' type pattern. A psychological level which price often respects. Thirdly, a break of an ascending channel which indicates sellers entering the market. Finally, we can see a key level in the market which is acting as support (meaning price has fallen but hasn't been able to break our middle blue highlighted level). Keep your analysis nice and simple - and focus on these four aspects! Happy Trading!
by Jal121
Triple Top Formation on GBP/USD 15M - 125 Pip MoveSimple technical analysis on Cable today. Price tested 1.37 three separate times (a whole psychological level) and rejected all three times. Price has moved 125 pips to the downside. Combining key psychological levels with double and triple tops is a powerful trading confluence. We also have fundamental news with Boris Johnson to outline further lockdown steps at 20:00 GMT tonight. For more: www.fxaxe.com - send us an enquiry! Happy Trading!
Short
by Jal121