USDZAR Trade IdeaAfter breaking out of structure, breaking above key levels and giving us a new high, USDZAR has retest one of the recently broken key level and gave us a rejection. Anticipating for price to move to the upside
USD (US Dollar)
S-P-E-L-LSpell seems VERY VERY interesting. Looking at spell and comparing it to XCN which had absolutely insane gains this past month. Spell could quite possibly do the same. Nearly 2000% to the top. Just like XCN with is waterfall downward with similar pushes near the bottom.
Also volume is picking up heavily.
one more touch to the top line and we could see a quick 80%+ push (practically a meme coin)
We have 3 taps to the resistance line around $0.0018350.
We could see the first push to
$0.0033701
Small retrace and push all the way to $0.006
This is a risky trade, wait for confirmation before entering. Keep in mind it’s quick percentage up but it’s the same for down.
Good luck and have fun with it.
ITS ALL MATHAMATICS…. and psychologyThe mighty mos math. Just keeping an eye on this one, waiting for a confirmation break above the previous high about $0.29 and support on 200ema would be nice. But nearly 100%+ in potential profits, could be a nice wave to ride.
Good luck and have
Understanding a Currency PegUnderstanding a Currency Peg: Definition, Mechanisms, and Implications
Fixed exchange rates, a cornerstone of international finance, play a pivotal role in shaping global commerce and investment landscapes. This article delves into their intricacies, exploring the historical evolution, practical understanding, and the balance of benefits and challenges they present.
Historical Context of Fixed Exchange Rates
The concept of fixed exchange rate systems has evolved over centuries, but its modern form gained prominence with the Bretton Woods Agreement in 1944. This system was designed to rebuild the global economy after World War II by creating a stable international monetary framework. Under the Bretton Woods system, countries pegged their currencies to the US dollar, which in turn was backed by gold at a fixed rate of $35 per ounce. This arrangement aimed to maintain relative exchange rate stability, promote international trade, and prevent competitive currency devaluations.
To support this fixed exchange rate regime, the International Monetary Fund (IMF) was established, providing financial assistance to countries facing balance of payments problems. While Bretton Woods initially succeeded in fostering economic stability, it began to falter in the 1960s due to rising inflation and balance of payment deficits in the US. In 1971, the US suspended gold convertibility, leading to the system’s collapse and a shift toward floating exchange rates.
Despite its end, the legacy of fixed exchange rates continues, as many countries still choose to peg their currencies to major currencies like the US dollar or the euro, seeking the economic predictability such systems offer.
Understanding Fixed Exchange Rates
A fixed exchange rate is a system where a country's currency value is tied to another major currency or a basket of currencies. Specifically, when a currency peg is established, the government commits to maintaining the currency within a specified narrow range around the targeted rate, often within a band of ±1% to ±2%.
Role of Central Banks and Foreign Reserves
Central banks play a pivotal role in maintaining a pegged currency. To defend the peg, a central bank must actively intervene in the foreign exchange (forex) market. When the currency’s value drifts from the fixed rate, the central bank buys or sells its currency to adjust supply and demand, keeping the value within the target range.
These operations require substantial foreign reserves—typically in the currency to which the domestic currency is anchored. These reserves act as a buffer to absorb shocks and counteract any pressures that could destabilise the peg.
Impact on Monetary Policy and Interest Rates
Maintaining currency pegging has a significant impact on a country's monetary policy. The central bank's primary focus becomes defending the peg, often at the expense of other economic goals, such as controlling inflation or stimulating growth.
Since the central bank must prioritise the peg, it has limited ability to set interest rates independently. Instead, interest rates often need to align closely with those of the anchor currency’s country to prevent capital flight and maintain the anchor’s credibility. This lack of flexibility can lead to challenges, particularly when the economic conditions in the pegging country differ from those in the anchor currency’s economy.
Implications of a Currency Peg
For the pegging country, a currency peg may offer economic stability and predictability, which are vital for fostering a favourable environment for trade and investment. Businesses can plan with greater certainty, knowing conversion rates will remain stable.
However, all this comes with significant challenges. Countries with fixed exchange rates often lose autonomy over their monetary policy, as maintaining the anchor becomes the primary focus. This can limit the country's ability to respond to domestic economic issues. Additionally, a currency peg can impact the trade balance; if the anchored currency is overvalued, it may harm exports, while an undervalued peg could increase inflation.
On a global scale, pegged exchange rates influence international trade and investment flows by reducing exchange rate volatility, making global transactions smoother. However, these systems also carry risks. If a pegged currency becomes misaligned with its true economic value, it can attract speculative attacks, where investors bet against the currency, leading to potential financial crises. Such scenarios can destabilise not only the pegging country but also ripple through global markets and negatively impact the world economy.
List of Fixed Exchange Rate Currencies
As of 2024, several currencies operate under a fixed exchange rate system. Notable fixed exchange rate examples include:
- Hong Kong dollar (HKD) - One of the most well-known currencies anchored to the USD, the HKD is maintained at approximately 7.8 to the US dollar, providing relative stability to Hong Kong’s financial markets since 1983.
- United Arab Emirates dirham (AED) - Pegged to the US dollar since 1997, the AED is maintained at around 3.67 to 1 USD, supporting the UAE's oil-driven economy.
- West African CFA franc (XOF) and Central African CFA franc (XAF) - Both pegged to the euro at a fixed rate of 655.957 CFA francs to 1 euro, these currencies provide economic stability across 14 African countries.
- Bahamian dollar (BSD) - Anchored to the US dollar at a 1:1 ratio, the BSD facilitates trade and tourism in the Bahamas, closely linked to the US economy.
- Danish krone (DKK) - Pegged to the euro within a narrow band, typically around 7.46 DKK to 1 euro, the krone's peg supports Denmark’s economic ties with the Eurozone.
- Saudi riyal (SAR) - Pegged to the US dollar since 1986, the SAR is maintained at approximately 3.75 to 1 USD, stabilising Saudi Arabia's oil-reliant economy.
Fixed Exchange Rate Pros and Cons
While many economies choose a floating system nowadays, there are pros and cons of a fixed exchange rate.
Advantages of a Fixed Exchange Rate
- Stability in Global Trade: Pegged currencies reduce the uncertainty and risk associated with floating currencies, making it easier for businesses to plan and engage in international commerce.
- Reduced Risk in International Investments: Investors are more likely to invest in countries with currencies that have predetermined rates because it lowers the risk of losing money through price fluctuations.
- Control of Inflation Rates: Countries can maintain low inflation levels by pegging their currency to a stable, low-inflation economy.
- Prevent Competitive Devaluations: Such a regime prevents countries from engaging in competitive devaluations, which may lead to a 'race to the bottom' and global economic instability.
- Increased Policy Discipline: Anchored rates can impose discipline on a country's fiscal and monetary policies, as maintaining the peg requires consistent, responsible economic management.
- Simplified Transactions: A fixed currency simplifies the process of global transactions by providing predictability in exchange costs, reducing the need for complex hedging strategies.
Disadvantages of a Fixed Exchange Rate
- Overvaluation or Undervaluation: Maintaining a set rate might lead to misalignment, where a currency may become overvalued or undervalued relative to its economic fundamentals.
- High Costs of Maintenance: To maintain the peg, countries often need to hold large reserves of foreign currency, which may be costly and economically inefficient.
- Lack of Monetary Policy Flexibility: Countries lose the ability to set their own interest rates and conduct independent monetary policy, as they must focus on maintaining the peg.
- Vulnerability to External Shocks: Tied conversion rates can make a country more susceptible to economic problems in the nation to which its currency is pegged.
- Reduced Responsiveness to Domestic Conditions: An anchored currency regime limits a country’s ability to respond to domestic economic changes, such as inflation, unemployment, or economic downturns.
- Risk of Speculative Attacks: If investors believe a currency is overvalued or undervalued, they may engage in speculative attacks, leading to severe financial crises.
Fixed Exchange Rates in Modern Trading
In modern trading, understanding the dynamics of fixed currencies offers traders specific advantages and insights:
- Forex Pairs: Traders can anticipate less volatility in forex involving a fixed value, allowing for more solid long-term trading strategies.
- Indicator of Economic Policies: The status and changes in a fixed rate potentially signal shifts in a country's monetary and fiscal policies, providing traders with crucial information for decision-making.
- Trade and Investment Decisions: Understanding which countries have pegged rates can guide traders in making informed decisions about trade and investment opportunities.
The Bottom Line
Grasping the nuances of fixed exchange rates is crucial for anyone involved in international finance. Whether weighing their pros and cons for trading or observing their impact on financial markets, this knowledge is invaluable. For those looking to apply this understanding practically, opening an FXOpen account can be a strategic step, offering a platform to navigate and capitalise on the opportunities in the global financial markets.
FAQ
What Does Pegging Currency Mean?
The pegging currency meaning refers to fixing its value to another major currency or a basket of currencies. This is done to provide stability in international trade and reduce forex rate volatility.
What Currencies Are Pegged to the Dollar?
There are several currencies pegged to USD, including the Hong Kong dollar (HKD), United Arab Emirates dirham (AED), Saudi riyal (SAR), and Bahamian dollar (BSD), among others. These currencies maintain a fixed exchange rate with the dollar to ensure economic stability.
Why Would Another Country Want to Peg Its Currency to the US Dollar?
Countries peg their currency to the US dollar to gain economic stability, attract foreign investment, and stabilise trade with the US. The dollar’s global dominance makes it a reliable anchor for maintaining economic predictability.
What Is a Disadvantage for a Country Utilising a Currency Peg?
A significant disadvantage of a currency peg is the loss of monetary policy autonomy. The anchoring country must prioritise maintaining the peg, limiting its ability to respond to domestic economic conditions like inflation or recession.
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Bullish bounce off pullback support?The Gold (XAU/USD) is falling towards the pivot which acts as a pullback support and could bounce tot he 1st resistance.
Pivot: 2,721.59
1st Support: 2,692.70
1st Resistance: 2,763.31
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Potential bearish drop?The Aussie (AUD/USD) has reacted off the pivot and could drop to the 1st support which has been identified as a pullback support that aligns with the 138.2% Fibonacci extension.
Pivot: 0.6283
1st Support: 0.6217
1st Resistance: 0.6326
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Could the price reverse from here?USD/JPY is rising towards the pivot which is an overlap resistance and could drop to the 1st support.
Pivot: 156.60
1st Support: 154.22
1st Resistance: 158.16
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Heading into overlap resistance?The Swissie is rising towards the pivot which has been identified as an overlap resistance and could drop to the 1st support which acts as an overlap support.
Pivot: 0.9092
1st Support: 0.9011
1st Resistance: 0.9152
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Bearish drop?The Cable (GBP/USD) has reacted off the pivot and could drop to the 1st support.
Pivot: 1.2503
1st Support: 1.2372
1st Resistance: 1.2602
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
EURUSD 28 Jan 2025 W5- Intraday - US Durable Goods & ConfidenceThis is my Intraday analysis on EURUSD for 28 Jan 2025 W5 based on Smart Money Concept (SMC) which includes the following:
Market Sentiment
4H Chart Analysis
15m Chart Analysis
Market Sentiment
Tariff Discussions Continue: President Trump and Treasury Secretary Scott Bessant focused on tariff policies in their recent statements.
Bessant's Proposal: Bessant suggested a universal tariff starting at 2.5%, with a gradual monthly increase of 2.5%, potentially reaching up to 20%.
Trump's Tariff Plans: President Trump announced plans to impose tariffs on computer chips, pharmaceutical producers, and industries like steel, aluminum, and copper.
Trump's Push for Higher Tariffs: Trump expressed a desire for tariffs significantly higher than 2.5%, contradicting Bessant's proposal. This added further uncertainty to the market.
4H Chart Analysis
1️⃣
🔹Swing Bullish
🔹INT Bullish
🔹Swing Continuation after BOS
2️⃣
🔹INT structure continuing bullish after the bullish BOS. We expect that at anytime the Swing Pullback will start.
🔹With price failing to close above Weak INT High, there is a HP that we are going to target the INT Low which will facilitate the Bullish Swing Pullback.
🔹Price is currently mitigating the 4H Demand and we could see some bullish move to facilitate the LTF pullbacks only.
3️⃣
🔹Expectation is set for price to continue Bearish to facilitate the Daily Bearish Continuation.
15m Chart Analysis
1️⃣
🔹Swing Bearish
🔹INT Bearish
🔹Swing Pullback Phase
2️⃣
🔹Swing structure turned bearish after mitigating the Daily Supply zone.
🔹With the bearish BOS, a pullback is expected during the session today as we are mitigating the 4H Demand zone.
3️⃣
🔹Expectation is set to continue bearish to facilitate the 4H Swing pullback and Daily Bearish continuation.
USD/JPY -H1- Bearish FlagThe USD/JPY Pair on the M30 timeframe presents a Potential Selling Opportunity due to a recent Formation of a Bearish Flag Pattern. This suggests a shift in momentum towards the downside in the coming hours.
Possible Short Trade:
Entry: Consider Entering A Short Position around Trendline Of The Pattern.
Target Levels:
1st Support – 154.30
2nd Support – 153.52
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Bullish bounce off pullback support?The Fiber (EUR/USD) is falling towards the pivot and could bounce to the 1st resistance.
Pivot: 1.0441
1st Support: 1.0372
1st Resistance: 1.0535
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
NZDUSD Potential UpsidesHey Traders, in today's trading session we are monitoring NZDUSD for a buying opportunity around 0.56700 zone, NZDUSD is trading in an uptrend and currently is in a correction phase in which it is approaching the trend at 0.56700 support and resistance area.
Trade safe, Joe.
EURUSD Potential UpsidesHey Traders, in today's trading session we are monitoring EURUSD for a buying opportunity around 1.04400 zone, EURUSD is trading in an uptrend and currently is in a correction phase in which it is approaching the trend at 1.04400 support and resistance area.
Trade safe, Joe.
GBPUSD: Channel Down forming a top on the 1D MA50.GBPUSD is neutral on its 1D technical outlook (RSI = 54.465, MACD = -0.003, ADX = 25.916) hitting today its 1D MA50 for the first time after October 9th 2024. By doing so, it reached the top of the 4 month Channel Down and is technically the best level to short. Attention is required as the 1D RSI broke over its 4 month Rectangle, so it may be an early bullish breakout signal, but until we close a candle over the 1D MA50, the trend is bearish and this is the most cost-effective short. The last 0.5 Fibonacci rejection (December 6th) targeted the 1.618 Fibonacci extension. This time we will aim a little higher than that (TP = 1.1950) to match the % decline of the previous bearish waves.
See how our prior idea has worked out:
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XAUUSD - 4H Bullish SetupOANDA:XAUUSD is oscillating in a trading range, forming an ascending channel. It is currently consolidating over a key support zone, presenting a good opportunity to buy with a logical stop-loss. The bullish momentum could drive XAUUSD towards the $2700 mark again.
GOLD FURTHER SELL OFF?! (UPDATE)Friday's huge pump, followed by a bigger Monday dump! Gold went very close to its ATH, but has now started declining, staying below the major Wave 5 high, keeping our sell analysis valid so far.
I will be wary of Gold until we see a melt back below $2,690, as we can still possibly see it create a new high in the SHORT TERM. But overall, our sell bias is still holding valid🦾
EURUSD 1D MA50 break-out after 4 months. Major bullish signal.The EURUSD pair broke above its 1D MA50 (blue trend-line) for the first time in almost 4 months (since October 03 2024). This is a major bullish signal as not only does it stop the downtrend that started on the September 25 2024 High but it resembles the post bottom rally of the November 02 2023 and March 21 2023 1D MA50 break-outs.
The 1D RSI sequences between those fractals are identical and both previous bullish break-outs hit at least their 0.681 Fibonacci retracement levels. That is currently where the 1W MA200 (red trend-line) is trending towards, which is the major multi-year Resistance and a valid target and sell entry for swing traders.
The current rebound however faces for the first time in years a bearish trending 1D MA200 (orange trend-line), so our Target has to be on it and not exceed it. We are aiming for 1.07500.
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Can Turkey's Lira Dance with the Dollar?Turkey stands at a pivotal moment in its economic journey, navigating through the complexities of fiscal management and monetary policy to stabilize the Turkish Lira against the US Dollar. The nation has embarked on a strategic pivot towards domestic funding, significantly increasing the issuance of Turkish Government Bonds to manage soaring inflation and debt service costs. This approach, while stabilizing in relative terms, challenges Turkey to balance between stimulating growth and controlling inflation, a dance that requires both precision and foresight.
The Central Bank of Turkey's decision to cut rates amidst rising inflation paints a picture of calculated risk and strategic optimism. The bank is threading a needle between fostering economic activity and maintaining price stability by targeting a reduction in inflation over the medium term while allowing short-term increases. This policy shift, coupled with a focus on local funding, not only aims to reduce external vulnerabilities but also tests the resilience of Turkey's economy against global economic currents, including the impact of international political changes like the US election.
Globally, the economic landscape is fraught with uncertainties, and Turkey's strategy of maintaining a stable credit rating while forecasting a decrease in inflation sets an intriguing stage. The country's ability to attract investment while managing its debt profile, especially in light of global monetary policy shifts by major players like the Federal Reserve and the ECB, will be a testament to its economic stewardship. This narrative invites readers to delve deeper into how Turkey might leverage its economic policies to not only survive but thrive in a fluctuating global market.
The enigma of the USD/TRY exchange rate thus becomes a compelling study of economic strategy, where every policy decision is a move in a larger game of financial chess. Turkey's attempt to balance its books while dancing with the dollar challenges conventional economic wisdom and invites observers to ponder: Can a nation truly master its currency's fate in the global marketplace?
NZDUSD SHORTSNU, three touches but by the Falcon flag and the ascending channel inside of it, price also gave an arc at the top of the structure, my expectation as of now is a little tight flag correction for more sells to take place.
Could the Fiber bounce from here?The price is falling towards the support level which is an overlap support that lines up with the 23.6% Fibonacci retracement and could bounce from this level to our take profit.
Entry: 1.0451
Why we like it:
There is an overlap support level that lines up with the 23.6% Fibonacci retracement.
Stop loss: 1.0391
Why we like it:
There is a pullback support level that aligns with the 50% Fibonacci retracement.
Take profit: 1.0535
Why we like it:
There is a pullback resistance level.
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Bearish reversal?GBP/USD has reacted off the resistance level which is a pullback resistance that aligns with the 78.6% Fibonacci retracement and could drop from this level to our take profit.
Entry: 1.2477
Why we like it:
There is a pullback resistance level that lines up with the 78.6% Fibonacci retracement.
Stop loss: 1.2613
Why we like it:
There is an overlap resistance level.
Take profit: 1.2367
Why we like it:
There is an overlap support level that aligns with the 38.2% Fibonacci retracement.
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Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Bullish bounce off 50% Fibonacci support?NZD/USD is falling towards the support level which is a pullback support that aligns with the 50% Fibonacci retracement and could bounce from this level to our take profit.
Entry: 0.5648
Why we like it:
There is a pullback support that lines up with the 50% Fibonacci retracement.
Stop loss: 0.5584
Why we like it:
There is a pullback support that is slightly below the 78.6% Fibonacci retracement.
Take profit: 0.5722
Why we like it:
There is a pullback resistance level.
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