Dont worry about foreign exchange read this piece.
Some correction happened on the currency market. Many of trends that would seem to have neither end nor the edge began to move in the opposite direction. It has become difficult for investors to select the trading tools for a successful trading. They used to trade with less volatile instruments, but which still may continue its trend movement. Therefore, our attention was drawn to the currency pair Australian and Canadian dollar.
The pair is still in a downtrend. Now it made a stop near the smooth support level 0.9700. Considering that in relation to many currencies Australian dollar continues to lose ground, our position may well reach the goal. We put the level of profit-taking through 100 points, because the smaller target is not interesting to us, and just over 100 points is the nearest level of support. It does not make any sense to stay in open position longer, since it is not the beginning of a trend, and only the final part of it.
The price is below a simple moving average 200 MA and 20 MA indicating bearish trend.
The MACD trend indicator is below zero level now, indicating bearish movement.
If the support level is broken you can use the following recommendation:
• Chart timeframe: H4
• The trade recommendation: Sell
• The level of entry into short position: 0.9700
• The level of profit and close the position: 0.9600 (100 pips)
Forex currency pair GBPUSD
Possible bearish movement in the breakdown of the support level 1.2370
Forex currency pair EURUSD
Possible bearish movement in the breakdown of the support level 1.0400
Possible bearish movement in the breakdown of the support level 1132.50
Forex currency pair USDJPY
Possible bullish movement in the breakout of the resistance level 118.70
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