Factors To Consider When Choosing A Broker For Trading At Forex Market
With such a diverse selection, picking a reliable broker is a daunting task, but there are some universal tips which will help to make the right decision.
If you think of becoming a trader, start your carrier not with learning the Forex basics but with learning how to distinguish trustworthy brokerages from shady operators.
The pair has continued to be capped below a minor descending trendline from the 13 Dec 2019 high of 1.3515 with a series of minor “lower highs” seen in the past 2 days (click here for a recap on our previous report).
Maintain bearish bias with an adjusted short-term pivotal resistance now at 1.3215 for a further potential push down to target the near-term supports of 1.3000 and 1.2920. However, an hourly close above 1.3215 negates the bearish scenario for a push up towards 1.3300.
The pair has broken below the 1.1120 key short-term support which has invalidated the bullish scenario. Mix elements for now; prefer to turn neutral between 1.1180 and 1.1100 (the pull-back support of the former major descending resistance from 24 Sep 2018 high).
Only a clearance with an hourly close above 1.1180 revives the bullish tone for a push up to target the next resistances at 1.1240 and 1.1285 next (Fibonacci retracement/expansion cluster & swing high areas of 10/18 Jul 2019). On the flipside, a break below 1.1100 exposes the medium-term ascending trendline from 01 Oct 2019 low acting as a support at 1.1060/1040.
USD/JPY – Mix elements; watch 109.70 & 108.80
click to enlarge chart
The pair has squeezed up above the 108.80/95 key short-term resistance that has invalidated the bearish scenario as per highlighted by our previous report on the backdrop of a de-escalation of geopolitical risk in the Middle East.
Mix elements now; prefer to turn neutral between 109.70 (minor range top since Dec 2019) & 108.80. Only an hourly close below 108.80 reinstates the bearish tone for a slide back towards the next near-term support at 107.75/60. On the flipside, a clearance above 109.70 sees a further push up to target the 110.60 major pull-back resistance from 24 Jun 2016 low & the 21/22 May 2019 swing high).
AUD/USD – Mix elements; watch 0.6840 & 0.6930
click to enlarge chart
The pair has broken below the 0.6930 key short-term support that has invalidated the bullish scenario. Mix elements now; prefer to turn neutral between 0.6930 and 0.6840 (also the pull-back support of the former major descending channel resistance from 03 Dec 2018 high).
On a clearance with an hourly close above 0.6930 revives the bullish tone for push up to retest 0.7030 before targeting 0.7060/7080. On the flipside, a break below 0.6840 sees a further slide to probe the 0.6755 major support (the ascending trendline from 07 Aug 2019 low).
Charts are from eSignal
Original from: www.forex.com
No Comments on “Daily Forex Technical Strategy (Thurs 09 Jan)”
