Review these tips if you are an aspiring foreign exchange trader.
Today we are observing the British Pound and the Australian dollar on the pair. The Australian Regulator said today that it leaves its interest rate at the previous level of 1.75%. Thus, the Australian dollar has been growing for several months and only for the last one it managed to grow by 1%. So, Britain starts its Brexit. This could not but affect the quotes of the home currency, which collapsed in comparison with all the main instruments of Forex. The state of quotations recommends us to actively sell the Pound, as it is influenced by the current political news. The British pound has been under pressure for many days. This is clearly seen on the currency chart. The price of a currency pair can not rise in any way, and, given the impending news, it can fall down completely. Globally, the currency pair in the Forex market is in a downtrend, so we will not go against the majority, according to the bearish minded traders, but just try to join them on time. After passing the level of support for 1.6000 there will be no doubt that this pair should be sold as soon as possible. After that, to the nearest support there will be more than 150 power reserve points.
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: 1.5990
• The level of profit and close the position: 1.5830 (160 pips)
Forex currency pair EURUSD
Possible bearish movement in the breakdown of the support level 1.0730
Forex currency pair USDJPY
Possible bullish movement in the breakout of the resistance level 115.20
Possible bearish movement in the breakdown of the support level 1200
Forex currency pair USDCHF
Possible bullish movement in the breakout of the resistance level 1.0100
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