As you can see from the daily chart below, price has been in a range (91.85 - 88.00) since mid Feb. Also note that the 200 SMA has done a pretty decent job of acting as a s/r level during the last few months. I am interpreting price action during the last 10 days as break below the SMA followed by a few retests, the last one being on Fri. My downside bias is further strengthened by the bearish pin bar formed on Friday.
To be fair, it is certainly possible for price to stay within the…Continue
I have never had much luck with this pair but will give this another shot. Starting with the daily chart I see price almost made it to 1.9000 but was shot down. A pin bar formation at an important level is significant to me. The 1.8900 level was also a rejection level on 17 and 31 March and price has just moved below that level on Fri. Do we have sellers in that area? It does seem possible.…Continue
It was a bit of a shock to read that our daily hangout will be closing down soon. Somehow I had taken it for granted that forexstreet would always be here for us.
From a personal perspective I can say that I have benefited a lot here. I came here quite raw, unsure and with no confidence as a trader. I have had quite a turn around in this regard. Just being here reading the blogs of other traders, asking questions, watching the webinars or going through some of the educational material…Continue
This trade may require some patience and therefore the title. Starting with the weekly chart, the trend is seen as bearish. Price is well below the 200 SMA. Last week candle has formed a shooting star look alike, so further downside should be likely. Not to forget RBNZ saying last week that price was too high.…Continue