Technical analysis from 9 January 2020

09.01.2020
13:21

Today, NZD / USD in European trading fell from $0.6650 to $0.6610, reaching a low on December 24. The pair fell below the moving average MA (200) H1 ($0.

13:08

Today, USD/JPY continues to grow, reaching a high on December 30 (Y109. 50). Yesterday, the pair fell sharply from the beginning of trading from Y108.50 to Y107.

12:47

Today, USD / CHF is trading in the range of Chf0. 9730-50 - about a one-week high, after rising yesterday from Chf0.9665 to Chf0.9740.

12:28

In European trading, GBP / USD fell sharply from $1.3125 to $1.3010, reaching a two-week low. In Asian trading, the pair was trading in a narrow range around $1.3115.

12:03

Today, EUR / USD is trading in the range of $1.1095-$1.1120-slightly above the low of December 27 ($1.1090). Recall that yesterday the pair traded mainly with a decrease (from $1.1170 to $1.1105).

07:08

Yesterday, USD/CAD fell during the Asian session to C$1.2975, but then it started to grow and closed the day in positive territory near the level of C$1.3035.

06:51

Yesterday AUD/USD was trading all day in the range of $0.6850-85, and closed the day without significant changes. This morning Australian dollar continues to remain within the narrow flat.

06:37

Yesterday, XAU/USD rose significantly during Asian trading to $1611, but then it went down all day and closed the day with a significant decrease near the level of $1555.

06:09

Yesterday, the price of Brent increased significantly during Asian trading to $71.34, but then it went down all day and closed the day with a significant decrease around $66.05.

06:07

During Asian trading yesterday, USD/JPY fell to Y107.65, but then grew throughout the day and closed the day with a significant increase near the level of Y109.05.

05:39

Yesterday, USD/CHF fell during Asian trading to Chf0.9665, but then it started to grow and closed the day in positive territory near the level of Chf0.9735.

05:25

GBP/USD rose yesterday to $1.3170 in the morning, but fell in the afternoon and closed the day in the red zone, dropping to $1.3095. This morning GBP/USD is trading in a narrow range of $1.

05:07

Yesterday, the EUR/USD, having pushed off the MA (200) H1 moving average line, was falling and closing the day in negative territory near the level of $1.1100.

  • FOREX CURRENCY MARKET ANALYSIS

    FOREX ANALYSIS: TECHNICAL AND FUNDAMENTAL

    Forex analysis is based on monitoring all indicators that affect exchange rate fluctuations. First of all, these are macroeconomic indicators. These include the country's GDP, inflation, interest rates, etc. As a rule, these data are presented in countries' macroeconomic reports. After they are released, the exchange rate may change dramatically. See the economic calendar to learn the frequency of releases of such information.

    Forex technical analysis uses information about exchange rate fluctuations over different time periods. Future exchange rates are forecast based on past or current data on exchange rate fluctuations. This type of analysis of the currency market uses various mathematical forecasting methods to help traders quickly draw conclusions about the situation on the market and make decisions on buying or selling a currency.

    ANALYSIS IS NOT SOMETHING A NOVICE CAN EASILY DO

    It is not easy for a novice trader to comprehend the wide variety of information coming from Forex and other financial markets. This is when forex analysis, which is provided by major brokers, in particular TeleTrade, comes to the rescue. On the company's website, you will always find forex technical analysis and stock market analysis, as well as fundamental research and forex recommendations. Market analysis is not something a novice can easily do. Therefore, you should only rely on professional research. Thanks to timely and high-quality forex market analytics , you can minimize your risks and make your investments as profitable as possible. You can bet that you will not miss a trend. By the way, it is from professional analysts that you can learn to accurately determine the forex trend, conduct technical analysis of the market and navigate the sea of significant current events in the forex currency market and other markets. The market analysis section is updated daily, so that you can have the whole picture of events.

    Teletrade experts' reports, based on graphical analysis of the dynamics of popular currency pairs and gold, are regularly posted on this page.

    The image combines several types of data: support and resistance lines, trading history, and a candlestick analysis chart . Each reference is accompanied by comments about possible price movements.

    Analytics for various currency pairs are published every 15 minutes. For each tool, a morning and an afternoon reference are available, as well as additional references at night.

    BASIC AXIOMS OF FOREX TECHNICAL ANALYSIS

    Forex technical analysis is based on three main axioms:

    • Prices include everything

    This implies that all information that can affect the currency exchange rate has already been taken into account, and there is no need to further study the dependence of the exchange rate on political and macroeconomic factors for Forex technical analysis.

    • Price follows the trend

    This axiom means that rates do not change randomly, but follow certain trends or a forex trend. Therefore, time rows of fkuctuations in exchange rates can be divided into intervals, in which the rate moved in one direction, subject to one of the three trends: descending, ascending, or sideways.

    • History repeats

    This axiom means that currency exchange rate fluctuations usually follow a cyclical pattern: rises are followed by recessions, sideways market movements and new rises, and if certain methods of technical analysis have worked in the past, they will work in the future, since they are based on human psychology, which remains unchanged. That is, forex trends tend to repeat themselves.

    The process of technical analysis of the currency market is based on identification of individual trends and (or) so-called patterns—typical chart shapes or formations. Flag, Double Top, and Triple Top are the most famous patterns in technical analysis. The Head and Shoulders formation is a type of a triple top, whose first and the third peaks are lower that the second one. You can also encounter triangular-shaped patterns when analyzing Forex. Based on the identified trends and using various methods of technical analysis, conclusions are drawn about where the currency exchange rate is going, and a decision is made on the best option for entering and exiting a transaction.

    Despite the fact that many currency traders consider it more rational to use technical analysis, in our opinion, one should not rely solely on technical analysis when trading. You should also not limit yourself to only using the fundamental Forex analysis. In reality, correct combination of these two methods is the basis of successful currency trading. Therefore, if you want to earn a high income by trading, you should pay equal attention to both fundamental and technical analysis of Forex.

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