GBP/JPY Price Forecast – British Pound Continues to Pressure the Upside

The British pound initially pulled back slightly during the trading session on Wednesday, but then found buyers as more of a “risk on” type of attitude occurred in the markets. Because of this, it looks as if the pair is going to try to go looking towards the ¥135 level. If we can break above the ¥135 level, then it allows for the market to continue going higher. It certainly looks as if the market is resilient and stubborn, and therefore I think it’s only a matter of time before we break out. Certainly, if the stock markets around the world continue to try to rally, that could be reason enough for this market to go to the upside.

GBP/JPY Video 09.04.20

Obviously, the exact opposite can be true and perhaps the market could pull back a bit. If it does, the ¥135 level will offer significant resistance yet again, and the market could fall as low as ¥133. Having said all of that, it looks less likely after the last couple of days than it did previously. Because of this, it looks as if there is a significant amount of pressure building up, and we could kick off a rather significant move. Keep in mind that the gap at the ¥137 level has been filled already, so it is possible that this market will continue to go beyond that, perhaps paying attention to the potential bullish flag that we are forming and if that’s the case, we could be looking at a massive move, possibly even to the 100% Fibonacci retracement level. That would be ¥145.

EUR/USD Price Forecast – Euro Looking for Footing

The Euro has pulled back a bit during the trading session on Wednesday, but then found enough support at the 1.08 level to turn things back around to form a bit of a more bullish candle than initially thought. However, it should be kept in the back of your mind that the Euro tends to be very choppy against the US dollar, so the fact that we are tightening of the range can mean that we are either building up inertia for the next major move, or we are simply getting back to the norm, at this point it’s a bit difficult to tell because we don’t have the benefit of volume in the Forex markets.

EUR/USD Video 09.04.20

All that being said, we need to look for the most logical place for the market to go looking towards, and for me at this point I suspect it is somewhere near the 1.10 level. That will probably attract enough attention on both sides of the market that it could be “fair value” going forward. At this point I believe that you can use these as that idea of US dollar strength or weakness, as it is very highly correlated to the US Dollar Index. At this point in time, the market simply looks as if it is winding back and forth so it’s a bit difficult to trade this market as we are still trying to figure out exactly what it’s going to be longer-term. I would advise state away from the EUR/USD pair of the next several sessions, although I do believe we will try to find our way towards the 1.10 level given enough time.

AUD/USD Price Forecast – Australian Dollar Continues to Press Resistance

The Australian dollar initially pulled back a bit during the trading session on Wednesday, but turned around to show signs of strength, as we reached towards the 0.62 level. At this point, the market breaking above that level and the 61.8% Fibonacci retracement level which is just above there could send the Australian dollar much higher. Remember, the Australian dollar is highly sensitive to risk appetite so pay attention to how the markets are perceiving that right now. The stock markets continue to be extraordinarily resilient, but the question will be what happens going forward, and whether or not some of the rally is a relief rally, or if it is something a bit more important.

AUD/USD Video 09.04.20

Australia is also highly sensitive to China, so if China starts to increase demand and output, that could be a good sign for the Australian dollar in general. That being the case, don’t expect any move to be easy to deal with, as there will be a lot of headlines out there that will cause concerns. Nonetheless, we do look as if we are trying to form some type of bottoming pattern, so on the breakout one would have to think that we will eventually go looking towards the 0.65 level, although how long it takes to get there could be just about anyone’s gas. To the downside, it looks as if the 0.60 level is now offering massive support. At this point, the Aussie certainly looks as if it is trying to build bullish pressure.

Silver Price Daily Forecast – The Current Upside Trend Remains Intact

Silver Video 08.04.20

Silver Holds Above $15.00 As Markets Believe That Virus Containment Measures Are Working

Silver continues its upside move after it breached the 20 EMA level several days ago. Equity markets remain optimistic which also helps precious metals in the current market environment.

The U.S. Dollar Index has corrected to the 100 level but does not experience additional downside despite the positive dynamics in riskier assets. Meanwhile, gold continues its attempts to get above the $1700 level, but so far these attempts have been futile.

I maintain my conviction that the whole precious metal segment will get a boost if gold manages to settle above $1700 as such a move will lead to an influx of additional money into the whole sector.

At this point, it is unclear which additional catalysts are necessary for precious metal upside.

On the one hand, another leg down in equity market will lead to increased safe haven buying. However, it remains to be seen whether precious metals will serve as safe haven assets in this scenario.

During the early stage of the current crisis, only the U.S. dollar and the U.S. Treasuries were seen as bullet-proof safe haven assets, while other asset classes often experienced downside on negative economic or healthcare news.

On the other hand, U.S. dollar weakness could be of great help for silver and other precious metals. Such a scenario demands continued improvements in investor confidence, which could come from stabilization on the virus front or from new economic stimulus.

Technical Analysis

silver april 8 2020

Silver stays above the 20 EMA and continues its upside trend. The nearest resistance is located at the 50 EMA level at $15.70. Silver has already made an attempt to get there, but this attempt was stopped at $15.50.

This was a very fast move, so silver had little chance to get above $15.70 without first settling below the resistance level. If the 50 EMA level is breached to the upside, silver will be able to get to pre-crisis levels at $16.50 and complete the rebound.

The nearest support for silver is at the 20 EMA level at $14.70. In case silver prices fall below this support level, silver will find itself back in the $13.80 – $14.70 range, although I’d expect some additional support in the $14.30 – $14.60 area.

That Can Be a Very Important Day for Global Indices!

Indices performed greatly in yesterday’s trading session but as the day progressed, traders gave up on earlier gains, this can potentially be a negative sign making this session a very significant one.

The DAX bounced from the upper line of the wedge that we mentioned in yesterday’s technical analysis. The bounce wasn’t random, it’s shaped like a head and shoulders pattern which is an obvious sign for a potential reversal. The neckline is on the 38,2% Fibonacci level, so the crucial resistance level became a crucial support level. The price dropping below the 38,2% Fibonacci level would be a negative sign.

Gold is locked inside a wedge pattern, this formation promotes a breakout to the upside, which is good for buyers. Furthermore, the XAUUSD rose above two major support levels; the first is horizontal, approximately on the 1640 USD/oz and the second one is dynamic and a mid-term up trendline. If the price stays above these two supports, we can expect an upward movement.

The GPBJPY moved very similarly to major indices, seeing a crash followed by a correction shaped like a flag. The SP500 went through the same movement. For the index, the price tried to break the 50% Fibonacci retracement level but failed, creating a false breakout. Now the price is on the lower line of the flag, if it closes the day below the line, it will be a strong signal to go short.

GBP/USD Daily Forecast – U.S. Dollar Gains Ground As Attention Turns To Economic Woes

GBP/USD Video 08.04.20.

U.S. Dollar Is Showing Strength As Previous Optimism Fades

GBP/USD continues to trade near the 20 EMA level as the market is trying to assess coronavirus-related risks.

Yesterday, the British pound gained ground against the U.S. dollar amid general optimism in the markets. As investors turned to riskier assets, the U.S. dollar was losing ground against a broad basket of currencies, and the U.S. Dollar Index fell below 100.

However, global markets are once again turning their attention to the negative consequences of virus containment measures, and the U.S. Dollar Index has managed to get above 100.

Data from Johns Hopkins University shows that there are 399,886 coronavirus cases in the U.S. and 55,949 cases in the UK. While the pace of new infections has moderated, there’s still a lot of work to do, and it’s hard to expect that virus containment measures will be lifted soon.

Meanwhile, British Prime Minister Boris Johnson, who has coronavirus, has spent his second night in intensive care. As per the comments of Foreign Secretary Dominic Raab, Johnson was receiving oxygen support but his condition was stable.

So far, the condition of the Prime Minister had no material impact on GBP/USD trading, and I expect that it won’t have any impact in the future unless his condition seriously worsens.

No material economic releases are expected today, but U.S. FOMC Minutes will be released. Market participants will digest additional information on how the U.S. Federal Reserve decided to cut rates and which policy measures were on the table.

Technical Analysis

gbp usd april 8 2020

GBP/USD continues to trade near the 20 EMA level. The pair has tested the first resistance level at 1.2385 but failed to get higher and pulled back.

If the resistance level at 1.2385 is breached to the upside, GBP/USD will have a chance to test the major resistance level near the 50 EMA at 1.2480.

However, GBP/USD will first need to stay above the 20 EMA level, as falling below this level will increase chances of a test of the next support level at 1.2170.

At this point, GBP/USD continues to trade in a local downside channel. This downside trend remained intact despite the recent attempts of the British pound to gain ground.

USD/CAD Daily Forecast – Canadian Dollar Gains Ground On Global Market Optimism

USD/CAD Video 07.04.20.

USD/CAD Moves Lower Amid Broad U.S. Dollar Weakness

USD/CAD breached the 20 EMA level and continues the downside move amid general U.S. dollar weakness against a broad basket of currencies.

The U.S. Dollar Index fell below the 100 level as global markets showed optimism about progress on the virus containment front.

The coronavirus situation remains tense, with as much as 369,069 cases recorded in the U.S., according to the data from Johns Hopkins University. However, it looks like the situation is stabilizing in Spain and Italy, while the hardest-hit U.S. states also show signs of progress.

In current conditions, this is enough for the global markets to have material upside, leading to  weakness of the U.S. dollar which serves as a safe haven asset of last resort.

There were no notable economic releases today which also provided support for the Canadian dollar as bad news are typically bullish for the U.S. dollar in the current environment.

Oil is mostly flat as the market waits for the upcoming negotiations about a major oil production cut, which are set to take place on April 9, 2020.

This date will be very important for USD/CAD since oil price dynamics is a major catalyst for the Canadian dollar, and oil will likely make a big move depending on whether oil production cut negotiations are successful or not.

Technical Analysis

usd cad april 7 2020

USD/CAD breached the low end of the local upside channel to the downside and continues to move lower. In addition, USD/CAD settled below the support level at 20 EMA near 1.4100.

The pair almost reached the next support level near the recent lows at 1.3925. Currently, the combination of downside technical catalysts looks strong enough, an a test of this level may be coming soon.

If the support level at 1.3925 is breached to the downside, USD/CAD will have a chance to get to the next support level at the 50 EMA at 1.3830. The pair will likely need additional broader weakness in the U.S. dollar to make this move.

On the upside, the previous support at 20 EMA became the new resistance level. If this level is breached to the upside, USD/CAD will get back to the previous trading range between 1.4100 and 1.4250.

S&P 500 Price Forecast – Stock Markets Break Higher

The S&P 500 has initially tried to rally during the trading session on Tuesday but gave back quite a bit of the gains. While the market is still slightly bullish, the fact that we gave back so much in a short amount of time is a bit concerning. The market is going to struggle at the 50 day EMA but that is just above at the crest of the 50% Fibonacci retracement level. I think it is only a matter of time before we rollover, so I am watching this closely. I suspect that we probably have one more day of bullish pressure at best, before sellers come back in and start shorting again. It’s quite common to see the 50% Fibonacci retracement level offer selling, as we have had a massive bounce after a massive breakdown.

S&P 500 Video 08.04.20

At this point, I suspect that it is only a matter of time before we rollover, and at the very least come back down towards the 2600 level. I do anticipate that at one point or another we will see buyers reenter the market, as we continue to undulate based upon the most recent headlines. At this point, the market is likely to see a lot of sharp intraday moves, and therefore you need to be very cautious about your position size. Nonetheless, this is a market that I think does look like it is trying to reach the 50 day EMA initially, but after that it will be interesting to see what happens next. Because of this, you should keep your position size is very small.

Silver Price Forecast – Silver Markets Running Into Technical Resistance

Silver markets have rallied quite nicely after breaking out during the previous session, but as you can see the Tuesday candlestick has given back some of the gains. Because of this, I believe that the market is likely to continue to offer a bit of resistance above, and the fact that we pullback where we did make quite a bit of sense considering that the $16 level was right there as well. By giving back the gains, it suggests that we may need to pullback in order to build up enough pressure to go higher, and of course it may be the market starting to step away from the industrial demand part of the equation.

SILVER Video 08.04.20

Remember, silver is not only a precious metal, but it is also an industrial metal, meaning that it has a couple of different things pushing it around at any given moment. Ultimately, I do believe that the market is going to continue to see a lot of volatility, but if the markets continue to focus on the lower coronavirus numbers, one will think that eventually buyers will come back. I would anticipate that $15 level offer a bit of support, so don’t be surprised to see a bit of a bounce in that general vicinity. On the other hand, if we do not hold at the $15 level then I think we are going to go looking towards the $40.50 level, and then eventually the $14 level after that. The market may have gotten a bit ahead of itself, and if that’s going to be the case, pullback makes quite a bit of sense.

Crude Oil Price Forecast – Crude Oil Markets Continue To Sit Still And Wait For Thursday

WTI Crude Oil

The WTI Crude Oil market has gone back and forth during the trading session on Tuesday, as we continue to wait for the results of the Thursday OPEC meeting. At this point, the market doesn’t really know what to do and I expect that the next couple of days will be very quiet until that announcement comes out. Just above, the $30 level should offer resistance, just as the $25 level underneath should offer support. Breaking down below the $25 level opens up the door down to the $22.50 level, and perhaps even as low as the $20.00 level if the bickering continues. On the other hand, if we were to break above the $30.00 level it’s likely that the market goes looking towards the $34 level rather quickly.

Crude Oil Video 08.04.20

Brent

Brent markets have tried to rally during the trading session on Tuesday, but then pulled back a bit as we continue to wait until we see some type of conclusion to that OPEC meeting. If we can break above the $35 level, it’s very likely that the market could go as high as $40, but it seems unlikely to happen in the meantime. I think the next couple of days will be rather quiet, and if the market drops from here it’s likely that the $30 level would be the target. All things being equal, this is the range that we are in right now, and it’s not until we know what OPEC is going to do that, we can make our next longer-term decision.

Natural Gas Price Forecast – Natural Gas Continues to Rally But on Borrowed Time

Natural gas markets gapped to kick off the trading session to the upside on Tuesday, showing signs of resiliency again. By breaking above the $1.80 level this will have attracted a lot of attention, and of course the 50 day EMA is right there as well. The 50 day EMA tends to be rather important for the natural gas markets, and therefore I think that the rally is about the end. Furthermore, a lot of this will more than likely be based upon the idea of coronavirus numbers coming down, and then perhaps the world going back to work relatively quick. That is something that simply is not going to pan out. Even if the numbers are down permanently, it still a process of getting back to work, not necessarily something that’s going to happen overnight.

NATGAS Video 08.04.20

At this point, the market is still very much in a downtrend, so I don’t wish to fight that, mainly because there is so much in the way of oversupply it’s ridiculous. Beyond that, temperatures are starting to get warmer in the northern hemisphere and of course the coronavirus has demand way down as well. This is essentially a “perfect storm” when it comes to a bearish market, and I think that will continue to be the case going forward. I fade rallies and have no interest whatsoever in buying natural gas anytime soon. As I have stated previously, it’s not until we get a slew of bankruptcies in the space that I would be comfortable starting to buy this market.

Gold Price Forecast – Gold Markets Stall

Gold markets rallied a bit during the trading session on Tuesday, reaching towards the $1748 level. We have pulled back from there to show signs of failure, and of course exhaustion. The gold market has been very bullish as of late, but it looks like we are going to pull back in order to try to retest the previous resistance area. At this point, the market looks as if it is going to continue to go towards the upside, but we may have a bit of a pullback in order to build up the necessary momentum.

Gold Price Predictions Video 08.04.20

Looking at the shape of the candlestick, that is obviously very ugly, but there is so much in the way of support underneath that it makes quite a bit of sense that there should be plenty of buyers. With that being the case, look at pullbacks as potential buying opportunities, and I think that the 50 day EMA underneath is massive support. If the 50 day EMA holds, we should continue to see more of an uptrend. That doesn’t mean it’s going to be easy, but the reality is that the market is going to be very choppy and dangerous. All things being equal, we should continue to go towards the $1800 level, possibly even the $2000 level. The breakout that had happened during the trading session will certainly have caused quite a bit of damage to stop losses, so it’s possible that we could eventually break through that area with a bit more certainty next time. It’s not until we break down below the 50 day EMA that I become slightly concerned.

Oil Swings Between Gains And Losses Amid Uncertainty Over Production Cut Deal

Oil Video 07.04.2020

Most Likely, U.S. Will Have To Participate In The Production Cut Deal

The key topic of this week is the negotiations about the oil production cut deal. Previously, oil prices surged on hopes that major oil producers would cut production by 10 million barels per day (bpd) but then pulled back when the meeting of OPEC+ countries was postponed from April 6, 2020 to April 9, 2020.

According to various media reports, Saudi Arabia, Russia and other OPEC+ members want the U.S. to cut oil production as well. In addition, countries like Canada and Brazil will most likely have to participate in the deal.

It remains to be seen whether the U.S. will join the production cut deal. Previously, the U.S. signaled that it was ready to impose tariffs on foreign oil if the oil production cut deal did not work out.

U.S. President Donald Trump has recently mentioned that oil production cuts in the U.S. were happening automatically because of low prices but did not elaborate on whether the country was ready to participate in a coordinated action to improve supply/demand balance.

It looks like both Saudi Arabia and Russia are serious about demanding production cuts from U.S as there is zero sense for leading oil producers to cut production if U.S. oil companies do not participate in the deal but profit from improved oil prices.

Saudi Arabia And Russia Try To Determine From Which Level To Cut Production

Russia did not increase its oil production in April because the market was already awash in oil. At the same time, Saudi Arabia followed a different strategy, and increased its oil production levels to gain market share.

Now, both countries are debating whether any upcoming production cut should be based on average first-quarter production levels or on current production levels. Of course, Saudi Arabia wants to cut its oil production from current levels since it has materially increased its oil production right after the previous OPEC+ deal ended at the end of March.

This is another obstacle on the way to an oil production deal. I believe that other countries would not tolerate Saudi Arabia’s plan to base its oil production cuts on current production levels. We’ll see whether Saudi Arabia is serious about this plan, especially given the fact that the U.S. is its important ally. For now, Saudi Arabia’s desire to keep as much oil production as it can serves as a bearish near-term catalyst for oil.

USD/JPY Price Forecast – US Dollar Bouncing Against Yen

The US dollar initially pulled back against the Japanese yen but has found a bit of buying pressure near the ¥108.50 level as it was a previous resistance barrier. At this point, the market is likely to continue to find at least some type of interest, as the market had broken out of a minor consolidation area during the previous session. That being said, the market is still very noisy, and therefore it’s worth paying attention to.

USD/JPY Video 08.04.20

At this point, the market is very likely to take a look at the top of the overall range which is closer to the ¥111 level. The market looks as if there is a significant amount of resistance all the way to the ¥112 level, so I believe that somewhere in that range we should see some exhaustion that the market can take advantage of to go short again. However, if the market was to break above the ¥112 level, then it is likely to continue going much higher, perhaps as high as the ¥115 level. That obviously would be a significant break out and a major “risk on” type of scenario, which at this point I think it might be a bit difficult because the economic damage from the coronavirus will certainly keep a certain amount of risk appetite dampened. Despite the fact that we are getting a nice relief rally with lower numbers, the reality is that we still have plenty of negativity out there but that short-term certainly looks as if the buyers are running the show.

GBP/USD Price Forecast – British Pound Reverses

The British pound initially pulled back during the trading session on Tuesday but found enough buyers to turn around and send this market higher. By breaking the top of the inverted hammer from the previous session, this is a very bullish sign, but we obviously have a lot of resistance just above, especially near the 1.25 handle. This is a significant level because it is a large, round, psychologically significant figure. If we can break above that level, it’s very likely that the British pound should continue to go much higher. In fact, that would be an extraordinarily bullish sign as it would also break the top of a bullish flag.

GBP/USD Video 08.04.20

To the downside, if we were to break down below the lows of the trading session from Tuesday it would in fact be a very negative sign. Quite frankly, at one point it looks like the market with the going to break down and go looking towards the 1.20 level underneath. That is an area that is logically supportive due to the large, round, psychological importance of the round number. All things being equal, if we were to break above the top of the potential bullish flag, we could be looking at a move towards the 1.35 level eventually, which would obviously be very bullish and very “risk on.” This doesn’t mean that it would happen overnight, because clearly there will be a lot of headlines between here and there that could cause a lot of chaos. At this point, a break above the 1.25 level means that you should be buying dips.

GBP/JPY Price Forecast – British Pound Pressing Major Resistance

The British pound has initially pulled back during the trading session on Tuesday, but then shot straight up towards the recent resistance. The question now is whether or not the market can continue to go higher, and if it does it’s very likely that it could go quite a bit higher. Obviously, we have seen a lot of resistance near the ¥134.75 level. If we can get above there, then it’s likely that the market shoots towards the ¥137 level which is where the 200 day EMA is. It’s also the scene of a previous gap and of course the 61.8% Fibonacci retracement level.

GBP/JPY Video 08.04.20

At this point, the market pulling back could make some sense though, but I would anticipate seeing a lot of support near the ¥132.50 level. This is a pair that is highly sensitive to risk appetite overall, so if we do continue to see a lot of bullish “risk on” type of attitude out there, I think that the market is more likely to break out and to the upside than it is anything else going forward. That being said, markets are currently trying to price in the risk scenario when it comes to the coronavirus numbers, which are currently looking a little bit better than they had been. Because of this, traders are trying to price in better news. The Japanese yen of course is a safety currency, so it makes sense that we should see money flow away from it.

EUR/USD Price Forecast – Euro Has Strong Showing on Tuesday

The Euro has rallied significantly during the trading session on Tuesday, breaking above the top of the candlestick from the previous session on Monday. At this point, it’s a good reversal but when you look at the chart you can recognize that the market is struggling with the 1.09 level midday. At this point, the Euro is going to be all over the place, and it looks like we are trying to figure out a longer-term direction. After all, we have started to tighten the market in general, as there was a huge swing all the way up to the 1.15 handle, before breaking down towards the 1.06 level, and then swinging back to the 1.1150 level before dropping down to the 1.08 area, where we have just bounced from.

EUR/USD Video 08.04.20

At this point, the market is starting to constrict, so the question is twofold: “Are we trying to build up enough momentum to make a massive move in one direction or the other, or is the market trying to calm itself back down and go back to the chopping sideways action that the Euro is known for?” At this point, it is a little bit difficult to discern that, but I would suspect that the market may actually calm down a bit. That probably favors the downside longer-term, but that is more of a longer-term type of situation. Overall, this is a market that is trying to make its mind up right now, so if we break above the top of the candlestick from the candlestick from Tuesday, I believe that the top is closer to the 1.10 level. If the market rolls over, the 1.08 level should offer support.

Silver Price Daily Forecast – Silver Heads Towards The Next Resistance Level

Silver Video 07.04.20.

Silver Heads Towards The 50 EMA

As I wrote yesterday, the breach of the key 20 EMA level was setting the scene for rapid upside momentum in silver. This is exactly what happened in practice since silver prices enjoyed fast upside soon after the 20 EMA was breached.

This upside move coincided with a major move in the equity markets and positive price action on the gold price front. The equity markets remain optimistic about stabilization on the virus front, while gold continues its efforts to settle above $1700.

In my opinion, gold’s upside is an important catalyst for the potential silver upside. If gold is able to gain ground above $1700 per ounce, more money will flow into the precious metal sector, which will benefit silver.

Meanwhile, the U.S. dollar is showing weakness due to optimism in the markets, and the U.S. Dollar Index is back below the psychologically important 100 level.

The U.S. dollar continues to serve as safe haven asset of last resort while the precious metal sector is periodically vulnerable to negative economic and healthcare data.

To continue the upside move, silver will likely require additional positive data on the healthcare front (investors should not expect any positive economic data in April as all economies are under heavy pressure from virus containment measures).

It remains to be seen how long the current optimism in the equity markets will continue since S&P 500 has already recovered from 2200 to levels above 2700.

The back end of this week is more data-heavy, and the markets will have to digest another U.S. Initial Jobless Claims report, which could create downside risks for many asset classes.

Technical Analysis

silver april 7 2020

Silver broke through the 20 EMA and is heading towards the 50 EMA at $15.70. The 50 EMA level is the first major resistance level on silver’s way up. If silver manages to get past the 50 EMA, it will have a good chance to return to pre-crisis levels at $16.50.

The 20 EMA, which has previously served as resistance for silver, has become an important support level. Those traders who have missed the move would likely try to get into positions near $14.70 if such a chance presents itself.

In case silver drops below $14.70 and stays there, it will find itself back inside a trading range between $13.80 and $14.70.

AUD/USD Price Forecast – Australian Dollar Rallies Significantly Into Resistance

The 0.62 level above is an area that should be resistive due to a large, round, psychologically significant figure being represented and several attempts to break above it. At this point, I think that a pullback makes quite a bit of sense, as we are simply going to consolidate. Having said that, if the market was to break above the 0.62 handle, it’s likely that the market could go towards the 0.63 level, possibly even the 0.65 level.

AUD/USD Video 08.04.20

The size of the candlestick is rather impressive, and the fact that we have rallied certainly is a bit interesting as well. Ultimately, the Australian dollar is a “risk on” currency, and therefore it’s likely that the currency will move with whatever the latest sentiment is when it comes to the coronavirus. That being said, a break above the 61.8% Fibonacci retracement level which is just above the 0.62 handle could open the doors to acceleration. All things being equal, this is a market that continues to go back and forth based upon the most recent headlines and of course the “flavor of the day.”

If we did turn around and breakdown below the 0.60 level on some type of massive pull back, then it’s likely that the market goes down to the 0.58 level. All things being equal, we are still within the overall range that the market has been in for the last couple of weeks, as we continue to try to figure out where we are getting ready to go next. Wait for the impulsive candlestick to break out of this 200 point range before putting money to work.

FBS Launches Online Trading School – FBS Trading Bootcamp

While in self-isolation, the bootcamp members will learn to trade on the news, apply technical analysis, and stay updated on the Forex market volatility.

Online classes will be available on the FBS official page on Facebook from April, 8 to April, 24. FBS Trading Bootcamp includes four lessons presented by the best FBS analysts. Those who join will be able to take an active part in the discussions and ask their questions in the comments.

The schedule and basic topicsага

Lesson 1. How to benefit from the news.

The analysts will get to the bottom of trading on news and economic releases explaining how to make money on world events. The students will learn the basics of fundamental analysis and get to know what moment is more appropriate for trading.

Lesson 2. Technical analysis in times of high volatility.

Technical analysis (TA) is a method of predicting the future performance of an asset’s price based on its historical performance. The tutor will explain what kind of technical tools to use and how to distinguish potentially good trading signals from the bad ones in the volatile market.

Lesson 3. Psychological approach of the winners.

Students will get an idea of how to deal with stress when the price goes up, stay calm and confident, and lose no market opportunities.

Lesson 4. How to enter the market at the right time

During this class, the analyst will summarize the results and tell how to pick the best levels for opening a trade.

Certificates

Upon finishing all the lessons, bootcampers will be asked to take a quiz and get a follow-up after it. Once the test is passed, the students will get the course completion certificate.


FBS is a broker with an international outlook that serves clients in Asia, Latin America, Europe, and the MENA. Its main focus lies in offering financial products for currency, precious metals, CFD, and stock trading for clients with different goals and backgrounds. The company features a low barrier to entry, top-ranking apps, and a wide social trading network. Over 11 years in the field, the broker won 50 international awards, including Best International Forex Broker, Best Forex Brand, and Most Progressive Forex Broker Europe.