The most important things in forex trading, is how to determine trend .There two types of trend, we have Major trend and minor trend which is known as retracement. In respect of any currency pair, once you are able to determine trend then you likely to make money in the business. Currently EURUSD is long trend the retracement has ended last week Friday,next week pair is continue it'd long trend.
The major trend on AUDUSD is down trend monthly chart close below a very strong support on weekly chart as a result of this AUDUSD is likely to sell and break the next support of 0.6669.
Welcome to dear you have a new trading journal and I hope you will there work hard because this forum successful 200 person work hard in this forum and your analyses on AUD USD good because this there was going to selling and strong selling monthly chart analysis and weekly chart analysis tell him to going to selling and welcome to your trading general this forum from me...
Since EURUSD penetrate 1.0988, and last week candle close bullish, point 1.0988 is a very strong support, weekly candle penetrate this support and close bullish this implies that the next target point is resistance which 1.1178.This implies that EURUSD is likely to buy anytime from now.
Yes you are right these two trends are most prominent and famous. We try our best to understand the phenomenon of these trends. When we comprehend completely these two trends then we can make our best strategy about the trade.
There are two point to consider on EURUSD pair 1.1179 and 1.0088, The is resistance support respectively on weekly chart once price reacted sharply to point 1.0988 and weekly candle close bullish. there is possibility for price to touch the next resistance of point 1.1179
---------- Post added at 02:18 AM ---------- Previous post was at 12:59 AM ----------
We need to consider two point on GBPUSD, support 1.2821 on weekly chart resistance 1.2949 on day chart , since about two weeks market price fail to touch 1..2821 but if any daily candle within this week close above resistance 1.2949, there is probability that price will touch monthly resistance point 1.3012
---------- Post added at 11:47 AM ---------- Previous post was at 02:18 AM ----------
Since EURUSD is selling towards last week low, point 1.0980 if any 4hr close below this point,the pair will continue its down trend till its touch the next monthly support point at 1.0878, for now we need watch the market so that we get the best entry point.
---------- Post added at 01:17 PM ---------- Previous post was at 11:47 AM ----------
The currency pair AUDUSD is retracing, last two week support has confirmed its down trend, what we to do is to hold on and watch market for good entry point,the pair is likely to sell throughout this week till its touch monthly support of point 0.6669.
As EURUSD daily chart penetrate 1.1108 and close bearish,the pair is going to sell this month,the next target support is last week low which 1.0980 and market action and reaction to that support will determine either the price will get to 1.0878, Presently EURUSD is likely to sell.
In forex trading market we need to follow the market trend and find support and resistance level, if we success to find support and resistance level, we will run in the market good, and also trading with profits, but if haven't any knowledge about market trend we will never success in trading.
USDJPY is likely to buy if today daily candle close bullish above yesterday daily candle the next target resistance is 109.73,the pair is long trend at the point 109.73, the action of price with this point will determine the next direction of the market,tomorrow will be the best to long the pair
---------- Post added at 08:44 AM ---------- Previous post was at 08:34 AM ----------
GBPUSD daily chat close above resistance 1.3011,the pair is long trend , l believe nothing will stop the price not to the next resistance of 1.3380.the action and reaction of market price to this point will determine the next direction of the market. GBPUSD is up trend already
The best entry point for currency pair EURUSD is where the market price is now, in as much as the retracement daily candle did not close above 1.1108 and there is a daily setup at this region, this implies that EURUSD as over bought and the next target support is 1.0980.
---------- Post added at 10:56 AM ---------- Previous post was at 10:45 AM ----------
My analysis on presently is that the pair is likely to penetrate 0.6869 ,the action and reaction at this point will determine the director of the market but believe AUDUSD is down trend ,let us hold on till market get to 0.6869
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