EUR/USD, “Euro vs US Dollar”
The EURUSD pair has completed a correction wave at 1.0664. After the correction, the market continues developing a decline wave to 1.0585. A wave structure towards 1.0606 has been formed by now. A technical test of 1.0622 is expected today, followed by a decline to 1.0585. This is a local target. Once this level is reached, a correction targeting 1.0733 is expected to start.
GBP/USD, “Great Britain Pound vs US Dollar”
The GBPUSD pair has corrected to 1.2498. After the correction, the market continues developing a decline wave to 1.2380. By now, a wave structure towards 1.2420 has been finished. A technical test of 1.2438 from below is expected today, followed by a decline to 1.2380. This is a local target. Once this level is reached, a correction targeting 1.2545 could begin.
USD/JPY, “US Dollar vs Japanese Yen”
The USDJPY pair continues forming a consolidation range above 154.08. With an upward escape from the range, the growth wave might continue to 154.80, from where the trend could extend towards 155.75. Once this level is reached, a correction towards 152.65 might begin.
USD/CHF, “US Dollar vs Swiss Franc”
The USDCHF pair continues forming a consolidation range around 0.9127. A growth link to 0.9166 is not excluded. Next, a correction towards 0.9127 (testing from above) is expected. Once this correction is over, a new growth wave to 0.9177 could start. This is a local target.
AUD/USD, “Australian Dollar vs US Dollar”
The AUDUSD pair has completed a correction wave to 0.6492. Once it is over, the market continues developing a new decline wave to 0.6400. A structure towards 0.6408 has formed today. A technical test of 0.6447 from below is not excluded, followed by a decline to 0.6400. This is a local target. After this level is reached, a correction towards 0.6480 could begin.
Brent
Brent has corrected to 88.20 and has formed a growth impulse targeting 90.20 today. A decline link to 89.20 is not excluded. Next, a growth wave targeting 92.06 might begin, from where the trend could extend to 94.00. This is a local target.
XAU/USD, “Gold vs US Dollar”
Gold has formed a decline wave to 2324.33 and a correction link towards 2391.00 today. A consolidation range is expected to form under this level. With a downward escape from the range, a decline wave targeting 2306.66 could begin. If this level also breaks, the wave might extend to 2266.00. With an upwards escape from the range, a growth link targeting 2431.00 is not excluded.
S&P 500
The stock index has formed a correction wave targeting 5172.5 and a decline wave towards 5042.4 today. A growth link to 5107.0 is expected (testing from below). Next, a decline wave towards 5000.0 might start. This is a local target. Once this level is reached, a correction wave targeting 5107.0 is expected to begin. After that, a wave to 4927.7 might start. This level is the target of the first decline wave.
Before you enter foreign exchange and stock markets, you have to remember that trading currencies and other investment products is trading in nature and always involves a considerable risk. As a result of various financial fluctuations, you may not only significantly increase your capital, but also lose it completely.Therefore, our clients have to assure RoboForex that they understand all the possible consequences of such risks, they know all the specifics, rules and regulations governing the use of investment products, including corporate events, resulting in the change of underlying assets. Client understands that there are special risks and features that affect prices, exchange rates and investment products.
FAQs
Technical analysis is a range of techniques used to try and forecast future price movements of financial products based on historical price movements and patterns. Foreign exchange markets are particularly well suited to using technical analysis.
Which type of analysis looks at historical price movements to determine the current trading conditions and potential price movement? ›
Technical analysis is a trading discipline employed to evaluate investments and identify trading opportunities in price trends and patterns seen on charts. Technical analysts believe past trading activity and price changes of a security can be valuable indicators of the security's future price movements.
What is the fastest way to learn technical analysis? ›
How To Learn Technical Analysis?
- Understand the basics. Before you trade, it is essential for you to learn the basic concepts of trading. ...
- Choose securities to trade. It is essential for you to conduct thorough research on various asset classes before you trade in them. ...
- Select a brokerage.
It takes commitment and hard work to become proficient in forex trading. Most traders say it takes at least six months to a year. Start by learning the fundamentals and comprehending currency pairs, market dynamics, and trading strategies from reliable sources.
What are the 4 majors of forex? ›
The major currency pairs on the forex market are the EUR/USD, USD/JPY, GBP/USD, and USD/CHF. The four major currency pairs are some of the most actively traded pairs in the world, along with the so-called commodity currency pairs: USD/CAD, AUD/USD, and NZD/USD.
Which analysis is best for forex? ›
Traders who use this approach often look at things like economic indicators and data, central bank activity, earnings reports and company trends and geopolitical events to make informed decisions. While there are many ways to analyse forex markets, fundamental analysis is one of the most popular methods among traders.
What is the best app for forex fundamental analysis? ›
For fundamental analysis in Forex trading, consider using apps like MetaTrader 4 or MetaTrader 5, TradingView, and Forex Factory. These platforms provide various tools, economic calendars, and market news to help you analyze fundamental factors influencing currency prices.
Which indicator is best for forex? ›
Top 10 forex indicators for FX traders
- Average true range (ATR)
- Moving average convergence/divergence (MACD)
- Fibonacci retracements.
- Relative strength index (RSI)
- Pivot point.
- Stochastic.
- Parabolic SAR.
- Ichimoku Cloud.
List of the best technical indicators
- Moving Average Indicator (MA) ...
- Exponential Moving Average Indicator (EMA) ...
- Moving Average Convergence Divergence (MACD) ...
- Relative Strength Index (RSI) ...
- Percentage Price Oscillator indicator (PPO) ...
- Parabolic SAR indicator (PSAR) ...
- Average Directional Index (ADX)
Traders need to pay attention to fundamental factors such as: gross domestic product (GDP), inflation, economic growth activity, and manufacturing. Thus, fundamental analysis in Forex involves studying the economic strength of various countries, in order to make wise Forex predictions.
A currency's strength is determined by the interaction of a variety of local and international factors such as the demand and supply in the foreign exchange markets; the interest rates of the central bank; the inflation and growth in the domestic economy; and the country's balance of trade.
How to catch a trend in forex? ›
You can spot an uptrend when there are higher highs and lows as time passes. To apply a trend line on a chart that you believe is on a bull run, simply plot a line between three or more of the market's low points – when it has dropped to a low price and reversed.
How to know when to buy or sell in forex? ›
Knowing when to buy and sell forex depends on many factors, such as market opening times and your FX trading strategy. Many traders agree that the best time to buy and sell currency is generally when the market is most active – when liquidity and volatility are high.
How do you become a master in technical analysis? ›
How to learn technical analysis
- Learn the basics. Before you use technical analysis to make informed trading decisions, it's important to understand fundamentals of this discipline and its core concepts. ...
- Practice your skills in a controlled environment. ...
- Apply your training to real trades. ...
- Continue your education.
Traders alike must keep in mind that practice, knowledge, and discipline are key to getting and staying ahead in Forex trading.
- Define Goals and Trading Style.
- The Broker and Trading Platform.
- A Consistent Methodology.
- Determine Entry and Exit Points.
- Calculate Your Expectancy.
- Focus and Small Losses.
- Positive Feedback Loops.
Often perceived as an easy moneymaking career, forex trading is actually quite difficult, though highly engaging. The foreign exchange market is the largest and most liquid market in the world, but trading currencies is very different from trading stocks or commodities.
How long does it take to learn technical analysis? ›
However, most take three months to get through the process. The ATA, India recommends allowing at least 100 hours of study time for both level, and many applicants spend considerably more time on the readings and preparation.
