Forex Analysis Video

Learn how to use moving averages as important indicators on stock charts  

  The NZD/USD pair fell today, but found support at the 0.80 level, a former major resistance area. This is good for the bulls, but if you are not in this pair right now, this is a perfect example of a market move that you missed. Buying at these levels is simply out of the question based upon the large move over the last few months. Look for significant pullbacks in order to buy this pair, perhaps at 0.78 or even 0.75 as well.

  The GBP/USD pair had a bullish day today, as the market retested the 1.6350 level, a major area of resistance. At the end of the day, we formed a shooting star. Because of this, it looks as if the pair could pullback from this level. Noting that the pair has a history up here, that wouldn’t be too surprising. A pullback should present buying opportunities as the strength is still with the bulls overall.

EUR/USD Looking at the weekly chart, you can see we formed a bearish shooting star for the third week in a row. Today’s bar fell towards the 1.35 level, only to find support. This pair has been stuck between the 1.35 and 1.38 levels for three weeks, and seems to want to stay there. This pair should be traded as a range-bound pair until we close above 1.38 or below the 1.35 levels. It should be noted that the longer-term (weekly) charts point towards a more bearish stance, and are trying to set up a bearish run but only after 1.35 is cleared. AUD/USD Yesterday we pointed out how parity was going to be supportive for the AUD/USD. Today we saw the pair dip down into the support range, and form a perfect hammer right at the parity level. One caveat to this is that the latest high was lower than the previous one. It appears we are currently stuck between 0.99 and 1.02, with...

  The GBP/USD pair had a bullish day today, as the market retested the 1.6350 level, a major area of resistance. At the end of the day, we formed a shooting star. Because of this, it looks as if the pair could pullback from this level. Noting that the pair has a history up here, that wouldn’t be too surprising. A pullback should present buying opportunities as the strength is still with the bulls overall.

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