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.
EUR/USD – Minor corrective bounce target met with mix elements
click to enlarge chart
The pair has staged the expected push up and met the lower limit of the target/resistance at 1.1090 as per highlighted in our previous report (click here for a recap),
Mix elements as the hourly RSI oscillator has flashed a bearish divergence signal at its overbought region that indicates a slow-down in short-term upside momentum of price action.
Prefer to turn neutral first between 1.1110 and 1.1035. A clearance above 1.1110 sees a further push up to test a major resistance at 1.1180 (18/31 Oct 2019 swing high area & the upper boundary of a descending channel from 24 Sep 2018 high). On the flipside, a break below 1.1035 triggers the start of another potential impulsive downleg to target the next support at 1.0940 in the first step.
GBP/USD – 1.2910 resistance taken out, bullish flag breakout
click to enlarge chart
The pair has broken above the 1.2910 key short-term resistance which has invalidated the minor corrective decline sequence in motion since 21 Oct 2019 high of 1.3013. Current price action has staged a bullish breakout from a minor “bullish flag” range configuration.
Flip to a bullish bias above 1.2870 key short-term pivotal support (61.8% retracement of the recent push up from 09 Nov low to 18 Nov high) for a further potential push up to target the next resistance at 1.3210/3240 (3 Apr/03 May 2019 swing high area & Fibonacci expansion).
On the other hand, failure to hold at 1.2870 and an hourly close below it implies a failure bullish breakout to see the continuation of the corrective decline towards the next support at 1.2700.
USD/JPY – At risk of shaping another impulsive downleg
click to enlarge chart
The recent push up of by around 80 pips from its 14 Nov minor swing low area of 108.25 has stalled at the 61.8% Fibonacci retracement of the recent slide from 08 Nov high to 15 Nov low and the minor descending trendline from 08 Nov high.
In addition, it has ended yesterday, 19 Nov U.S. session with a daily “Spinning Top” candlestick pattern that indicates the bulls has turned “indecisive” to push the price action higher. Maintain bearish bias below 109.05 key short-term pivotal resistance and added a downside trigger level at 108.50 to reinforce a bearish break down from the “Ascending Wedge” lower boundary to target the next supports at 107.90 and 106.55.
However, a clearance above 109.05 negates the bearish tone for a push up to retest 109.50.
AUD/USD – Further potential push down below 0.6845
click to enlarge chart
The pair has staged a bounce of around 50 pips from its 14 Nov minor swing low area of 0.6770 but remained below the 0.6845 key short-term pivotal resistance as per highlighted in our previous report.
Maintain bearish bias for afurther potential push down to retest 0.6670 before targeting the next near-term support at 0.6720 (minor swing area of 16 Oct 2019 and the 76.4% Fibonacci retracement of the recent rebound from 02 Oct low to 31 Oct 2019 high).
However, a clearance with an hourly close above 0.6845 negates the bearish tone for squeeze up to retest 0.6900/6930 (31 Oct/05 Nov 2019 swing high & the major descending channel resistance from 03 Dec 2018 high).
Charts are from eSignal
Original from: www.forex.com
No Comments on “Daily Forex Technical Strategy (Tues 19 Nov)”
