Things every trader should know about forex.
Against the background of the ambiguous directions of movements of currency pairs at the forex market, the price of gold seems to be more clear. For several days the price of Gold is in a downward trend. The price moves from level to level. If you draw a trend for levels of support for minimum and resistance levels for maximum for downward movement, it will be seen that the trend is going down in the straight range. Our targets and the entry point is consistent with the concepts of technical analysis traders. The price can fluctuate near the entrance level, but before reaching the limit of the range it can go down. If the 1125.5 support level is passed, we will open a short position, with a small profit target of more than 1,100 points. While the obvious reason of a trend reversal is not noticeable, the next major support levels, too.
The price is below a simple moving average 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: 1122.50
Forex currency pair GBPUSD
Possible bearish movement in the breakdown of the support level 1.2230
Forex currency pair EURUSD
Possible bearish movement in the breakdown of the support level 1.0350
Forex currency pair USDJPY
Possible bullish movement in the breakout of the resistance level 118.00
Forex currency pair USDCHF
Possible bullish movement in the breakout of the resistance level 1.0270
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