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How to Draw Forex Support and Resistance Levels

In this video, you will learn about how to draw support and resistance levels in forex trading. Support and resistance levels form the basis of analyzing price action on a chart. You can use the horizontal rule tool on your MetaTrader platform to mark the support and resistance levels on your chart. For example, look at this chart. The price has been in an uptrend. The price is making higher highs and higher lows. At some point, it […]

USD/JPY and AUD/USD Forecast — October 18th 2019

In this video, the Trader Guy looks at the currency pairs USD/JPY and AUD/USD for the October 18th session. USD/JPY — At the moment, this pair is seeing a sideways price action. The direction is unclear and is trading just above the 200-day EMA. This pair is correlated with the S&P 500 index. To the downside, the 107.00 level is the target. A break above the recent highs, then the 110.00 level is the target. AUD/USD — […]

EUR/USD and GBP/USD Forecast — October 18th 2019

In this video, the Trader Guy looks at the currency pairs EUR/USD and GBP/USD for the October 18th session. EUR/USD — The Thursday session was bullish for euro as it rose strongly. It looks like the 1.12 level could be targeted to the upside. However, the 200-day EMA could offer strong resistance as the market has been trading in a large downtrend. So, on signs of exhaustion, you can sell rallies. GBP/USD — This pair […]

USD/ZAR Forecast — October 18th 2019

In this video, the Trader Guy looks at the USD/ZAR pair for the October 18th session. USD/ZAR — The Thursday session saw the market to pull back a bit. However, this market is highly influenced by risk appetite in the market. The 14.50 level below and the 200-day EMA look supportive to the downside. So, you can buy dips at the moment. You can make an argument for a rising wedge pattern. A break below the 61.8% Fib retracement level […]

Gold Forecast — October 18th 2019

In this video, the Trader Guy looks at the commodity, gold for the October 18th session. Gold/USD — The market on Thursday session found support on this uptrend line and moved to the upside. A breakout of this wedge pattern looks likely at the moment. To the upside, the $1,600 level is the target. The 50-day EMA looks supportive. So, pullbacks are buying opportunities. However, the market needs a catalyst to make a strong move to the upside.

EUR/USD and GBP/USD Forecast — October 17th 2019

In this video, the Trader Guy looks at the currency pairs EUR/USD and GBP/USD for the October 17th session. EUR/USD — The Wednesday session saw the euro to rally strongly, but the 1.11 level looks as significant resistance. The market is now trading above the 50-day EMA. To the downside, the 1.10 level looks supportive. However, rallies cannot be trusted for this pair. Any signs of exhaustion, you should sell them. GBP/USD — The pound […]

Gold Forecast — October 17th 2019

In this video, the Trader Guy looks at the commodity, gold for the October 17th session. Gold/USD — Gold was slightly bullish on Wednesday session and is trading within the wedge pattern. The 50-day EMA and the uptrend line could offer support. If it falls below, the area above the descending triangle pattern will also offer support. So, pullbacks are buying opportunities. A break above this downtrend line is bullish. […]

How to Trade the Double Top Pattern

In this video, you will learn about the double top pattern. You can locate this pattern at the end of an uptrend, hoping for a reversal. As you can see on the chart, the price is in an uptrend. At some point, the sellers lose steam, and encounters resistance. So, the market forms the first top. So, the market pulls back to look for support. After finding support, it attempts to break the top. This support line is also […]

How to Trade the Head and Shoulders Pattern

In this video, you will learn about the head and shoulders pattern. You can locate this pattern at the end of an uptrend, when the uptrend loses momentum. This is a pattern which is easy to spot. Initially, the price is an uptrend, as you can see on the chart. At some point, the trend loses force, and forms the left shoulder. It finds support and pushes higher to form the higher high, which is the head. Then […]

Daily Market News — October 17th 2019

The Norwegian Krona and the Japanese yen are the weakest among major currencies. The pound looks bullish at the moment. The EUR/USD pair looks strongly bullish and has support at 1.1060. The resistance levels are 1.1131, 1.1162, and 1.1196. The support levels are 1.1018, 1.0993, and 1.0966. The USD/JPY looks bullish, but is also range bound at the moment. It has strong resistance at 109.00. The resistance levels are 109.00, 109.48, and 109.96. The support levels […]

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