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EUR/USD and GBP/USD Forecast — January 24th 2020

In this video, the Trader Guy looks at the currency pairs EUR/USD and GBP/USD for the January 24th session. EUR/USD — The trading session was strongly bearish on Thursday. This was due to the ECB statement. Now, this little bullish trendline is broken, and you can aim for the 1.10 level to the downside. A break above the 1.12 level is seen as a trend change. GBP/USD — The pound initially fell on Thursday session, but then […]

Gold Forecast — January 24th 2020

In this video, the Trader Guy looks at the commodity, gold for the January 24th session. Gold/USD — The Thursday session saw the gold to pull back a bit. This was due to the macroeconomic figures released from the US, which supported the greenback. Recently, the market attempted to break above the $1,600 level, and fell back forming a bearish candlestick. This price action brings an argument for a bullish flag pattern. To the downside, the $1,525 level looks supportive. […]

Pivot Points for Beginners — Quick and Clear Explanation

Pivot points are used for determining support and resistance levels in technical analysis. So, they can tell you the direction of the trend. Pivot points are calculated using the previous day's high, low, and close to determine the current support and resistance levels. So, you get a pivot point level, support levels S1 and S2, and resistance levels R1 and R2. Your trading platform like the MetaTrader automatically does the calculations for you. […]

What Is the Bank of England & MPC?

The Bank of England has a Monetary Policy Committee, which is responsible for controlling inflation at the target of 2%, set by the government. It is done by setting the base rate, which is the official interest rate in the UK. The central bank gives loans to commercial banks with the interest rate set at this level. By lowering the base rate, borrowing becomes easier for the commercial banks from the central bank. This leads to increased spending and economic […]

Forex Trading for Beginners — Tripple Tops and Bottoms

In this video, you will learn about the triple top formation. This is a bearish reversal pattern that you locate at the top of an uptrend. The market forms three successive highs and the pattern becomes complete once it breaks below the neckline or support. This marks your signal entry for a short position with your stop-loss above the highs. However, it is better to wait for a retest of this broken support line […]

Cryptocurrency Explained

A cryptocurrency is a digital currency used through the internet for conducting buy and sell transactions between users. It is not issued by a central bank. You need to pay a transaction fee every time you conduct a transaction using a bank or a credit card company. Peer to peer transactions are conducted using digital coins through the internet without the need for a central bank. It reduces transactions costs. You can store […]

Technical Analysis Basics: MACD

The MACD indicator is an important tool in technical analysis. This indicator is available for free on your MetaTrader platform. This indicator basically measures the difference between a fast and a slow moving average. The 12 period is the slow moving average. The 26 period is the fast moving average. This indicator is used to help define trends. You can also generate buy and sell signals using the signal line. When […]

Daily Market News — January 23rd 2020

The risk-off sentiment is dominating the market with the Japanese yen and the US dollar are looking strong. The US stock market and the riskier currencies are looking weak. The EUR/USD pair is looking weakly bearish and is testing the support at 1.1081. The ECB statement may cause more volatility. The resistance levels are 1.1100, 1.1119, and 1.1141. The support levels are 1.1043, 1.1039, and 1.0993. The USD/JPY pair looks bearish as the breakout to new […]

EUR/USD and GBP/USD Forecast — January 22nd 2020

In this video, the Trader Guy looks at the currency pairs EUR/USD and GBP/USD for the January 22nd session. EUR/USD — Initially, the trading session was bullish, but as the ZEW economic sentiment came from Germany, the market fell back to give back the gains. Now, the 50-day EMA could be tested for support. The market has been trading inside this consolidation zone. You cannot expect bigger moves, but you can […]

Gold Forecast — January 22nd 2020

In this video, the Trader Guy looks at the commodity, gold for the January 22nd session. Gold/USD — The trading session saw a sideways price action on Tuesday. However, the daily candlestick from Tuesday session indicates an increase in volatility right after the Martin Luther King Day celebrations in the US. The market looks a bit unclear at the moment and looks like it is trying to build enough momentum to make to the upside. To the downside, the 50-day EMA and the $1,500 […]

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