All Blog Posts (1,487)

EURCHF

Last week the price broke the upper trend line of the bearish daily descending channel continuing forward in its bullish run. Friday ended near the middle line of the weekly Bollinger band and 50% Fibonacci retracement on last swing low, and near the daily SMA100 with the same percentage of correction. I would expect a bounce back to…

EURUSD

Euro-Dollar keeps trading inside a weekly symmetrical triangle formation and has reached the SMA100, while the daily down trend line was broken to the upside and is aiming to the 61.8% Fibonacci retracement at around 1.3750. A retest of the broken psychological level at 1.3400 is possible before a continuation of the…

Before trying your hands in forex, you must know about its market and gain as much knowledge as possible. For this, one need to know the fine points of trading in foreign exchange which is also known a forex. People work together in this market for currencies trading from different parts of the world. Those who take part in this market are currency speculators, banks, and corporations and many others. However, common people can also trade. The foreign exchange industry is not…

1. Lack of Experience

Forex trading - like any new initiative - has a learning curve. However, unlike learning a new skill such as learning to play guitar for instance, you are not risking your entire savings while discovering the difference between a major and minor chord. Learning about the currency markets and basic trading principles solely on a trial and error basis is not a recommended approach for gaining the skills necessary to be a successful forex trader.

Most…

USDCAD

The Loonie closed last Friday after a strong rejection from the 38.2% Fibonacci retracement level on previous swing low on daily charts and has been trading on a tight range today. We are at the bottom line of a descending wedge on weekly time frame, where a bounce back to SMA100, SMA200 and the previous highs could be…

USDJPY

Dollar-Yen ended last week at the upper line of the descending channel, while closing at a confluence of the three moving averages on daily charts. I would expect a break of the level to the upside towards daily previous highs at around 84.50, with continuation to 85.50/80 as second target, where we have the weekly SMA34 and daily…

EURCHF

Price retraced to the 38.2% Fibonacci level from previous swing low last week, which is also the previously broken support area level (1.2900/1.2950). It is also the median line of the bearish channel. We are still in a downtrend and on daily charts we can appreciate a wave 4 after the long descent which formed the…

EURUSD

Last week, price retraced to the 38.2% Fibonacci level and closed at the middle line of the Bollinger Bands. Still in its symmetrical triangle formation, with all moving averages flat, there is a possibility for the price to continue further to the upside and test SMA100 at 50% retracement (1.3590-1.3640) with next targets being the…

Weekly and Daily Close: January 7, 2011

EURO AND POUND

EUR/USD

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