Gold is currently sitting between strong area of support and resistance [Video]
(Zan Kotnik – BecomingTraderFX)
In this video we discussed a possble great trading idea ahead on metal market – Gold. By doing the top-down approach (GOLD anaylsis) using the high time-frames we can see we have a possible bigger move ahead. Price action on weekly and daily charts shows the price on Gold is currently sitting between strong area of support and resistance. Any breakout higher or lower can give us a possible signs of a new trend direction.
In this video on GOLD (XAUUSD) metal video we did simple but powerful top-down approach to identify market behaviour, direction. Simple trading approach with powerful money management rules and simple trading rules combined with right trading mindset, psychology is the key to long-term success in trading forex. Risk management rules and correct trading psychology is our best trading edge, once we learnt to read the price action and market behaviour. Our top-down appraoch , analysis on XAUUSD and weekly forex outlook is done on multiple time frames as Weekly, Daily, 4 Hourly, charts. We post weekly forex forecast videos every weekend. Subscribe, like and comment to stay updated with new trading outlook videos.
Pairs with the USD meet crucial supports [Video]
(Tomasz Wisniewski – Axiory Global Ltd.)
In today’s Traders Edge Market Briefing, Tomasz found these unique setups that we thought you’d find interesting.
Gold bounced off a crucial horizontal support on the 1785 USD/oz.
The EURUSD also bounced from a key horizontal support but at 1.036.
The NZDUSD returned above the crucial horizontal support and psychological level of 0.62 creating a false bearish breakout pattern.
The USDCAD broke the lower line of the flag and returned to the down trend which started with the head and shoulders pattern.
The USDJPY stayed inside a rectangle between 135.5 and 134.8.
The GBPJPY tried a bullish reversal with an inverse head and shoulders pattern. The neckline is already broken.
The EURCAD is attacking the support of the rectangle pattern. A bearish breakout will bring a strong sell signal.
NASDAQ created a small pennant below the 50% Fibonacci, a breakout to the downside seems more likely at the moment.