INTRODUCTION:
Trading the financial market can bring you into massive financial fortune, but one must know how to properly analyze the market so as to see profitable opportunities. therefore, developing your trading skill is a must to be consistently profitable and to make good trading decision. today we will be looking at some Forex assets and their possible directions as follows:
ANALYSIS OF EURUSD:
Thursday sees a further drop in EURUSD as expectations for a rate decrease is gradually fading. the asset softens as risk-off flows support the dollar. the increase in US service PMIs has rekindled fears of sticky inflation and the Fed rate reduction stutters services inflation.
Looking at our chart we see a gradual drop in EURUSD and currently the asset is at our daily pivot zone or level: 1.0827. Again, we also see that the market is on an ascending trendline support. This will bring a kind of pressure on the asset, which will eventually breakout either in the bullish or bearish direction. If our pivot zone holds, it means the market will push downward to retest our trendline support. If it succeeds in breaking our trendline support may hit our support level S1: 1.0794 and eventually support level S2: 1.0771.
Again, if it succeeds in breaking the pivot zone upward may retest the trendline resistance and eventually resistance zone or level R1: 1.0850.
ANALYSIS OF GBPUSD:
GBPUSD drops to 1.2695 on Friday as a result of the stronger USD. In May, the US PMI increased to its highest point in slightly more than two years. BoE rate reduction in June were all but destroyed by the UK inflation statistics.
Currently GBPUSD just retested the pivot zone or level: 1.2710, if this zone holds will push downwards to our support level S1: 1.2674 and eventually to our support zone S2: 1.2648. If the pivot zone is broken again upwards, then the uptrend may likely continue may push up to the resistance zone or level of 1.2772
ANALYSIS OF GBPJPY:
Despite surge in profits, bulls still held their ground, but the daily chart demonstrates that are beginning to ease off and take profits. therefore, we may begin to see some sell move in this asset.
Currently GBPJPY is on the pivot zone: 199.40. If this zone holds, we expect this asset to fall to retest the trendline support. Again, if the trendline support is broken may have a waterfall up to the second support zone S2: 198.52. If the trendline support holds may continue the uptrend.
ANALYSIS OF XAUUSD:
On hawkish Fed data, gold price trades with a slight negative tilt. Due to the stronger USD on Friday, the price of gold is currently trading negatively. the story of the US rate raising for longer weighs on the yellow metal. On Friday, investors will be watching the US Durable Goods Order, the Michigan Consumer Sentiment Index Report, and the Fed’s Walter speech.
From our chart gold just retest our daily pivot zone or level of 2346. If this zone holds gold may continue its sell movement until it gets to the support zone of 2309. Again, if breaks the pivot zone upward may push to retest the upper band of our channel. If the market breaks the upper channel band may want to retest the resistance zone of 2403.
CONCLUSION:
Having a clear-cut directional bias of the asset you want to trade can help you make good trading decision
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