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The counter has crossed two critical levels.
One- the major support level of 0.89550 and the other is the critical resistance level of 0.89960.
Now the broken levels can cushion the price action and push the price to higher levels.
The counter is currently in a pullback mode after a steep fall.
The correction has ended with the formation of a head and shoulder pattern.
The price action has broken the neckline and is currently consolidating just below it.
Hence, we expect the pair to be bearish in the near-term.
The counter has formed a double bottom pattern at the lows.
Further, the hawkish statement from RBNZ is set to support the counter in the near-term.
Hence, we expect the pair to trade with positive bias in the near-term.
EUR/USD has made a trend reversal in the near-term making higher highs consistently.
A trendline connecting the higher highs can be marked as well.
The pair is currently hovering above the trendline and the MACD indicator is just keeping its head above the water.
The pressure on the Fed to cut interest rates is mounting and is set to support the bulls as...
The NFP data has come up with flying colors.
Technically, the counter has broken its resistive trendline which can be construed as an inverse head and shoulder pattern.
Hence, we expect the index to move all guns blazing to the resistance 98.30 and there is a good chance for a new high to be unravelled for the week.
The counter has topped out in the near-term charts.
It formed a significant high of 1.14800 and unable to hold on to the gains it slid down to the support of 1.13582.
It then made an effort to take down the previous high but a head and shoulder pattern has formed.
So, the entire structure could be attributed to lower high formation in the making.
GBP/JPY is currently stalled in a descending triangle pattern.
The recent upsurge has been capped by the resistive trendline.
It faced rejections initially but now formed a follow-through bearish engulfing candle.
Hence, we expect the bears to hop in here and send the pair spiralling down to the support level of 143.833.
The counter is in a bullish trend forming higher highs and higher lows.
It moved past a critical resistance of 1.01263 in its uprally as well.
Prior to the FOMC meeting, the counter has a profit booking sell-off which can be attributed to a flag pattern, technically.
The post-meeting press conference has bolstered bullish confidence in the counter, which can be...
The EUR/GBP pair has formed a double top formation.
It has the broken the support level and is currently consolidating below that.
Also, the MACD indicator is printing in bearish territory.
Hence we expect the pair to be bearish and find support at 0.85097.
Upon factorising two fundamental events, US GDP and JPY’s policy decision, the counter wiggled both sides.
It indicates uncertainty in the counter as both the events emanated positive outlook for their respective economy.
Then the DXY index went through a profit booking rally, owing to which USD/JPY also slid.
But, now the counter has two short-term reversal...
The pair broke the critical support zone of 1.11800 and then made a huge sell off.
Now it made a pullback to its bearish trendline which also coincides with the broken support.
The confluence of resistances are keeping it capped of any further bullish moves.
Also, the stochastic indicator has turned bearish by moving down from the overbought zone.
Hence, we expect...
The sell on the fact trade which emancipated friday has come to a halt in the counter.
The pair has made a double top in the 15 min chart.
It broke the critical support level of 1.29173 as well.
Further the MACD has turned bearish and the histogram bars are gaining strength.
Hence we expect the pair to move to the support levels of 1.28719.