The EUR/GBP is firmly trading below its downward trend line on a weekly time frame. The pair has pierced the Bollinger band and this piercing is taking place at an important level of support. The piercing of the Bollinger band only has importance when this takes place at an important level of support/resistance zone because…
Read MoreThe USD/JPY is trading above its upward trend line on a 30 minute time frame. The price is also trading in an upward wedge pattern within the resistance and support zone which are mentioned below. If the price breaks out of this pattern towards the upside, then the projection of this pattern could easily go…
Read MoreThe EUR/USD pair has bounced back up from our identified support zone on a 30 minute time frame. This support zone was given in our analysis last week. The price has moved nearly 91 pips at the time of writing this article, when the risk involved was only 22 pips. This is more than 2:1…
Read MoreFundamental Analysis US GDP data The main focus for today was towards the US GDP reading and market was looking for a contraction, however we do have a surprise towards the upside, but not so much of a positive response. Next week we have a US NFP data and if that is robust also…
Read MoreThe GBP/USD is trading in an upward wedge pattern on a 30 minute time frame. However, the range of this wedge pattern is narrowing down as we move towards the upside. The price is testing the 50 day moving average (shown in yellow) and it is also trading above its 100 day moving average which…
Read MoreThe EUR/USD pair is moving in a side way pattern on a 30 minute time frame. This usually means that the price is trading in a range and traders usually buy towards the lower end of this range and sell towards the upper end of this range. In terms of patterns, we also have formed…
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