Technical analysis from 17 January 2020

17.01.2020
13:07

Since the beginning of today's session, NZD / USD has been trading with an increase (from $0.6625 to $0.6650), but during European trading it fell sharply to $0.

12:51

Today, USD/JPY is trading in a narrow range of Y110. 10-30, almost reaching a high on May 23 (Y110. 35).

12:39

Today, USD/CHF continues to trade with growth, further retreating from the minimum value since the end of September 2018, reached yesterday. The pair rose to Chf0.

12:24

This morning, GBP / USD was trading mostly with growth and by the beginning of the European session reached a maximum on July 9 ($1.3125). Soon, the pair dropped sharply to yesterday's low of $1.

12:00

This morning, EUR / USD was trading in a narrow range of $1.1130-40 - near the closing level of yesterday's session. But in European trading, the pair fell from $1.1140 to a low of January 14 ($1.

07:28

Yesterday, the USD/CAD traded all day within the range of $1.3030-50, without showing significant changes for the day.

07:04

Yesterday, XAU/USD was trading all day in the range of $1547-57 without significant changes. Today, gold is trading at a slight increase, but still within the framework of yesterday's price range.

06:37

Yesterday, the price of Brent crude oil was trading in the range of $64.10- $65.10, without showing significant changes. Today, oil is trading in a narrow range of $64.60-85, staying near weekly lows.

06:16

Yesterday, USD/JPY was trading up all day and closed the day in positive territory near Y110.15. This morning the USD/JPY is trading in a narrow range Y110.

06:00

Yesterday, USD/CHF fell in the morning and fell to the level of Chf0.9615. However, during the American session, the USD/CHF rebounded sharply and closed the day in positive territory near Chf0.9650.

05:34

Yesterday, the GBP/USD, grew throughout the day and closed in the green zone near the level of $1.3075. This morning the pound is trading in a narrow range of $1.

05:02

Yesterday, the EUR/USD in the first half of the day rose to $1.1170, but fell rapidly in the second part of the day, closing the day in negative territory near the level of $1.1135.

  • 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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