Top Global Market Stories
The AUDNZD pair is currently testing a key level of resistance, which forms the would-be neckline of a double top formation. The existence of bullish momentum indicators and a trendline break is bringing about the possibility of upside price pressure. The daily chart shows there is a significant degree of indecision around the highly notable […]
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Two weeks back we were looking for long set-up on the EURUSD pair when our target was meet just few days if not sessions after the announcement. Well, since then this market slowed down and made a nice pullback which technically speaking looks like another trading opportunitie. Notice that trend has changed at 1.3671 after […]
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Hi, this is Shaun Overton with ForexNews.com and OneStepRemoved.com. In this 5 minute video, I’m going to show you how to interpret backtesting results in MetaTrader 4. You can follow along using a free OANDA demo account by clicking the link below this video. Register For A Free OANDA Demo Account Video Script: Before we […]
By Ilya Spivak,
- EUR/USD Technical Strategy: Pending Short
- Support: 1.3835 (23.6% Fib exp.), 1.3793 (38.2% Fib exp.)
- Resistance: 1.3905 (Apr 11 high)
The Euro remains in consolidation mode against the US Dollar, with prices waiting for a clear-cut directional catalyst near the 1.38 figure. A daily close below the 38.2% Fibonacci expansion 1.3793 initially exposes the 50% level at 1.3758. The first layer of significant resistance is at 1.3905, the April 11 high.
Our long-term fundamental outlook calls for a weaker Euro but taking a short here is unattractive from a risk/reward perspective given the pair’s proximity to near-term support. As such, we will remain on the sidelines for the time being and wait for a more actionable selling opportunity to presents itself.
Bitcoin continues to swim through key support and resistance zones, with this pattern likely to carry on for the short term at least. Let’s take a closer look at the latest BTC/USD four hour chart below (click to expand): I’ve performed today’s Fibonacci study from the low of the month at 343, until the high […]