Understanding Forex Charts
Good morning dynamic traders.
The Euro Dollar had reached and breached the support level where the double bottom resided. It is now at 1.5000 zone and finding support with a bounce overnight of 100 pips. The 1.5000 is a previous resistance and a psychological support. This pair is deep into oversold levels so we pullback soon is likely. However, a pullback and continuation to the downside should not be written off but a pullback non the less.
The Dollar Swiss Franc is close to a previous resistance and just popped above the institutional moving average on Friday and overnight started to head to the downside. This could be a pop and drop or a reversal and it is too early to tell so price should take us into this trade unless those of you who are aggressive traders positioned yourselves last night for a pop and drop. This too has moved in the region of 100 pips to the downside overnight with support at 1.0730 level.
The Australian Yen has made us good profits and intraday has reversed. We were stopped out overnight on this cross but are looking for another entry riding the short towards the 96.00 zone. However, we may have a pullback before this happens so patience maybe necessary.
Todays daily pivot points are below.
Source: Dynamic Trader Forex Toolkit
Have a good trading week.
Forex Analyst
Javid Shaik
The Euro Dollar had reached and breached the support level where the double bottom resided. It is now at 1.5000 zone and finding support with a bounce overnight of 100 pips. The 1.5000 is a previous resistance and a psychological support. This pair is deep into oversold levels so we pullback soon is likely. However, a pullback and continuation to the downside should not be written off but a pullback non the less.
The Dollar Swiss Franc is close to a previous resistance and just popped above the institutional moving average on Friday and overnight started to head to the downside. This could be a pop and drop or a reversal and it is too early to tell so price should take us into this trade unless those of you who are aggressive traders positioned yourselves last night for a pop and drop. This too has moved in the region of 100 pips to the downside overnight with support at 1.0730 level.
The Australian Yen has made us good profits and intraday has reversed. We were stopped out overnight on this cross but are looking for another entry riding the short towards the 96.00 zone. However, we may have a pullback before this happens so patience maybe necessary.
Todays daily pivot points are below.
Source: Dynamic Trader Forex Toolkit
Have a good trading week.
Forex Analyst
Javid Shaik
posted by Javid Shaik @ 8:45 AM
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