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however, it is now now approaching the lower blue trendline acting as non-horizontal support and oversold area.

 


Moreover, the green area is a demand and support zone. So the highlighted purple circle is a very strong area to look for buy setups as it is the intersection of demand zone in green and the blue trendline.


As per my trading style:

I will be looking for potential bullish reversal setups on lower timeframes (like a double bottom , trendline break , and so on...) Always follow your trading plan regarding entry, risk management, and trade management.

 

Volatile GBP/AUD - Good Morning Forex By FXMAG.COM

Volatile GBP/AUD - Good Morning Forex By FXMAG.COM

Rebecca Duthie Rebecca Duthie 11.04.2022 11:30
To give some perspective on how the Forex market is currently performing, this article will report on 4 different currency pairs, a major currency pair, a minor currency pair, a volatile currency pair and another major pair. The major currency pair is the EUR/USD: Since the market opened this morning the Euro hit a high of 1.09471, this means it costs traders 1.09471 USD to buy 1 Euro. This figure beats Fridays's market closing. The Euro held its position in spite of the fact that the far right did not win the first round of the elections in French votes, this position was helped by the rising U.S. Yields. EUR/USD Chart Stronger Euro - EUR/GBP: Since market opening, the GBP is at 0.8377. This means it costs traders 0.8377 GBP to buy 1 Euro. The EUR/GBP relationship is bearish. Despite this bearish relationship, the Euro has slightly strengthened over the weekend. EUR To GBP Chart Volatile GBP/AUD: Since market opening, the AUD reached a high of 1.75442, this means that it costs 1,75443 AUD to buy 1 GBP. The relationship between these 2 currencies is considered volatile due to the fact that the AUD is a commodity currency (the price of AUD is linked to the value of Australian exports). Therefore, since the start of the trade war between the US and China, currency pairs that contain AUD have increased in Volatility. GBP To AUD Chart Rushing 10-year treasury yield - USD/JPY: The relationship between these 2 currencies is currently bullish. Since market opening, the JPY reached a high of 125.444, which means that it costs 125.444 JPY to buy 1 USD, the weakening Yen is as a result of the 10 year treasury yield rushing 77bps reaching 2.77%. USD/JPY Chart Charts: finance.yahoo.com
Intraday Market Analysis – CHF Bounces Back

Intraday Market Analysis – CHF Bounces Back

Jing Ren Jing Ren 12.04.2022 07:57
USDCHF hits resistance The Swiss franc rallies across the board as traders dump risk assets for safe haven ones amid uncertainty. The latest rebound came to a halt at 0.9370 from the late March sell-off. The RSI’s double top in the overbought zone prompted intraday buyers to take profit, weakening the upward momentum. A bullish close would lift offers to the recent peak at 0.9460, where strong selling pressure could be expected. A breakout may extend the rally to 0.9600. Otherwise, 0.9240 is the closest support to test the bulls’ resolve. EURGBP attempts rebound The sterling softened after Britain’s GDP fell short of expectations in February. The euro found support in the demand zone between 0.8300 and 0.8310, an important level from the daily chart. The ensuing break above 0.8360 flushed out some selling interests and could pave the way for a sustained bounce. 0.8400 is the next hurdle and its breach may propel the single currency to the previous high (0.8510). An overbought RSI may cause a temporary pullback and the bulls may see it as an opportunity to join in. US 30 struggles for support The Dow Jones 30 turns south as US Treasury yields continue to climb. The index briefly found support over the 30-day moving average (34200). A bullish RSI divergence indicates a deceleration in the current sell-off. Nonetheless, the bulls’ struggle to push past 35000 suggests that short-term sentiment remains cautious. On the downside, a fall below 34200 could trigger a broader liquidation, causing an extended consolidation in the days to come. 33500 at the origin of the previous breakout would be the next support.