Technical Analysis
EUR/USD
Similarly to what is happening all across the board, the USD bullishness did not skip this pair as well. It appears that the local EUR/USD bearish momentum might be taking the pair to 1.2600 levels. There are still bearish signals on one hourly chart, yet it seems that pair is overlooking all technical aspects. Going short wit tight stop might be the right choice today.
GBP/USD
A bearish formation on the daily chart is still intact; however the momentum is already quite low. The 4 hour chart is also maintaining a slightly bearish configuration yet with no distinct conclusion. The Bollinger Bands are tightening which indicates that the break might be imminent. Traders are advised to hold for the break and then swing into it.
USD/JPY
The pair is continuing its bearish movement with full steam, as it breached the 97.60 support level. The daily chart shows that the current price has dropped beneath the Bollinger Band's lower boarder, indicating that the bearish move has more steam in it. Going short seems to be a preferable choice today.
USD/CHF
The very strong resistant level of 1.1650 has been breached, and the pair is extending its bullish journey. An upwards momentum on the hourly chart's Slow Stochastic suggests that the pair may extend its bullish trend. Going long with tight stop might be the right strategy today
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Here are some forex trading tips and strategies for the week of July 15-31, 2023: Pay attention to economic data. There are a number of important economic releases scheduled for this week, including the US non-farm payrolls report on July 15, the European Central Bank (ECB) monetary policy meeting on July 21, and the US unemployment rate report on July 28. These releases can have a significant impact on currency markets, so it's important to be aware of them and factor them into your trading decisions. Trade with the trend. This is a basic but important trading principle. When the trend is up, look to buy. When the trend is down, look to sell. Trying to trade against the trend is usually a recipe for failure. Use stop losses. Stop losses are a way to limit your losses on a trade. When you place a stop loss, you're essentially telling your broker to sell your position if the price reaches a certain level. This can help you to protect your capital and avoid large losses. Be patie...
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