Forex technical analysis helps to answer the questions: How to interpret Forex rates? Buy? Sell? Close a trade? Take profit or let it run for some more time? Will it face reversal or go trhough correction? Accept a loss and “flip over” or wait for some more time? Finally, how to define Forex trend?” All these questions drive a trader (mainly beginning) crazy, if he does not know the answer. By the way, who will dare to claim to know the answer? Forex exchange rates are cruel towards one's self-confidence and arrogant manner.
Nevertheless, it is subject to regularities and daily techical analysis forex. There are plenty of strategies on Forex trend lines. We are not so much interested with the direction of fx rate along major lines (this is interesting too, though) as with the Potential of the Forex trend. The main purpose of our Forex technical analysis report named "Potential of Trend" is to find if current price goes through correction either we face a trend.
We'll choose any four conditional prices of an active status of price and will check, how indicators behaved before this growth. It is clear that the bottom one (ADX) started to grow, RSI prompted about the direction correctly. That is the method we will use for our task. Bollinger bands are another method we will apply to search for acceptable entry and exit points. One of their properties is movement of price within upper and bottom bands and bottom moving nabd. All that will help us to estimate trend and forecast market events for our instruments.
|27 - 31
S&P500 Monthly chart: we still wait for downside correction (or even downside reversal) towards middle Bollinger band (2118.3) Weekly chart: ADX/RSI show downside correction. Support level is at 2270.9 (middle Bollinger band). Upper Bollinger band is edging towards 2427.6 but general setup
Daily chart: we may actually see 150-pip correction to the downside (to 1.0678, middle Bollinger band). We will wait and see if bears manage such a rollback. Н4: here support level is around lower Bollinger band (1.0745). This level seems to be strong enough considering horizontal placement of Bo
Daily chart: bears are free to implement correction, as bulls didn't manage to break upper Bollinger envelope, and now there is plenty of space for drop up to level of 1.2084 Н4: here support level around lower Bollinger band (1.2434) protects the pair from 100-pip drop to 1.2331 region (middle B
Daily chart: support level at 110.15 is a starting point of rapidly developing upside correction which may reach middle Bollinger band (113.08). Н4: here resistance level is around upper Bollinger band (111.51). ADX shows corrective trend, envelopes are steady, so the main expectation is bounce d
Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us