Technical Analysis

Technical analysis of the Forex market on 21 November 2019

21.11.2019
12:33

NZD / USD is trading higher and rose to yesterday's high of $0.6435, after declining in early trading to $0.6395. Yesterday the pair fell from $0.6435 to $0.6405.

12:16

The USD / JPY pair is trading near the closing level of yesterday's session Y108. 60, after falling from the beginning of trading to Y108. 25.

12:02

USD / CHF is trading around Chf0.9900 after dropping to Chf0.9890 in early trading. Note that later the pair rose to Chf0. 9915. USD / CHF is testing the МA (200) H1 (Chf0.

11:47

This morning GBP / USD was trading near the closing level of yesterday's session $1.2930. Yesterday, the pair fell to $1.2885, but by the end of trading rose again to $1.2930.

11:33

EUR / USD rose slightly from $1.1070 to $1.1090, after remaining in a narrow range around $1.1075 in early trading. Yesterday traded in a wide range of $1.1050-80. $1.1080.

07:18

The USD / CAD pair traded mostly higher yesterday, reaching a more than one-month high From C$1.3330 and closing C$1.3300.  Early this morning, the pair rose to C$1.

06:59

The AUD/USD pair yesterday fell from $0.6830 to $0.6790, losing all the positions won on Tuesday. Today, the pair is trading in the range of $0.6785-0.

06:43

The XAU/USD pair rose slightly to $1478 yesterday, but soon dropped sharply to $1465. Later, the pair rose again and closed the day at $1,472.

06:25

Brent crude yesterday retreated sharply from a three-week low of $60.30 and soared to $62.80. Brent later closed the session around $62.40. Today, oil is down slightly and trading around $62.15.

06:08

The USD / JPY pair traded in the y108.35-75 range yesterday and closed the day around Y108. 65. Today, the pair in early trading fell sharply to Y108. 25, but later rose to Y108. 55.

05:54

The USD / CHF pair yesterday rose to Chf0. 9935, but by the end of trading fell and closed at the opening level of the session-around Chf0.9895. Today, the USD / CHF pair fell to Chf0.

05:27

This morning GBP / USD is trading near the closing level of yesterday's session $1.2930. Yesterday, the pair fell to $1.2885, but by the end of trading rose again to $1.2930.

05:12

EUR / USD is trading in a narrow range around $1.1075. Yesterday traded in a wide range of $1.1050-80. EUR / USD continues to trade slightly above MA (200) H1 ($1.1040) and tests MA (200) H4 ($1.

  • 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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