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Gbp/nzd pair has entered into a rectangular consolidation after a strong rally . A breakout to the downside from this pattern could lead to a swift profit taking sell off of around 100 pips . Traders should closely watch for a breakout for some quick profits. With stop loss at the highs of around 50 pips traders could look for a good risk reward trade.
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NZD/USD oversold condition
With the new government in power in new zeland the nzd/usd pair has been selling off over the last 7 sessions . Analysis of the above chart shows that there is now a divergence in place between the price and stochastic where the price has made a lower low whereas the stochastic has made a higher low . This could result in a small pull back in the nzd/usd pair and we could see levels of 0.69500 in the coming days .
GBP/AUD breakout
Gbp/aud pair has just broken out of a descending triangle formation . A descending triangle presents a bearish technical picture which means that Gbp/aud pair will continue lower and traders can now expect a target price of around 1.6500 for the pair . The above pattern shown in the chart is particularly strong because before breaking out of the support area a tight consolidation or accumulation took place which failed to move the pair higher and so the current breakout has more probability of …
USD/NOK tehnical picture
Usd/nok daily chart is settling into a beautiful head and shoulders pattern . This bullish head and shoulders pattern is a very high probability pattern and shows accumulation . the neckline is at 8 .0000 level and a break out above this level could result in a strong move to 8.3000 - 8.4000 level . traders should always look for high probability trades and therefore this bullish head and shoulders pattern in usd/nok should be watched carefully
NZD/USD bullish cup and handle on daily charts
Nzd/usd pair is in the middle of completing a very bullish cup and handle pattern on the daily charts . The pattern holds high significance in technical analysis for its high probability setup . The pair should continue to consolidate in the handle area further and a break out of the handle consolidation which is around 0.7200 level should be considered very bullish . Nzd/usd could rally 150 - 200 pips if it breaks out of this pattern .
Risk /Reward ratio and stop loss
Trading forex market is not easy , you can make profits once in a while but the key question is can you make profits week after week month after month and year after year . A trader can be considered successful if he/she can show consistent returns or profits .
To achieve this a traders trading strategy should give him an edge in terms of risk/reward ratio . A 1:1 risk reward ratio means that a trader is risking the same amount for making that same amount of money . So having a stop loss of 50 …
To achieve this a traders trading strategy should give him an edge in terms of risk/reward ratio . A 1:1 risk reward ratio means that a trader is risking the same amount for making that same amount of money . So having a stop loss of 50 …
GBP/USD overbought condition
Gbp/usd pair witnessed a sharp sell off yesterday during the london session and traded below 1.3150 level only to rally during the US session recovering all lost ground and ending in green above 1.3270 . The pair has entered a short tern overbought territory and a nice pullback is expected upto 1.3200 level is expected . The pullback could happen during the london session .
GBP/AUD classic head and shoulders top
Hello traderrs,
As shown in the chart Gbp/aud pair is exhibiting a classic head and shoulders top patter with a neckline at 1.6780
A very nice short opportunity is in place if this neckline is broken ,traders can look to go short for a target price of 1.6500 .
As shown in the chart Gbp/aud pair is exhibiting a classic head and shoulders top patter with a neckline at 1.6780
A very nice short opportunity is in place if this neckline is broken ,traders can look to go short for a target price of 1.6500 .
GBP/USD facing resistance
Hello traders,
While gbp/usd pair has shown a strong rally this week the 1.3200 to 1.3220 level is a strong resistance and the pair is unable to break through this level . A failure to break above 1.3220 could result in a sharp pullback upto 1.3140 level where there is support . Traders are advised to keep a watch of 1.3220 level for gbp/usd and trade accordingly.
Happy trading to all !
While gbp/usd pair has shown a strong rally this week the 1.3200 to 1.3220 level is a strong resistance and the pair is unable to break through this level . A failure to break above 1.3220 could result in a sharp pullback upto 1.3140 level where there is support . Traders are advised to keep a watch of 1.3220 level for gbp/usd and trade accordingly.
Happy trading to all !