EURUSD (1.086): The single currency has posted a steady decline over the past few days breaking below the 1.11 support. Further declines could see the Euro fall to 1.081 – 1.075 level, where the next support is established. Below 1.075, EURUSD could be looking to test the previous lows established near 1.056 region. However, in the near term, following the break of the trend line, EURUSD could look for a bounce back to retest the broken trend line near 1.095 – 1.10 handle. Establishing resistance on the pullback could pave the way for further downside, to as low as 1.056 levels. The Stochastics on the daily chart is strongly in the oversold level, highlighting the risk of a short-term bounce in prices.
Bias (D1): Down
Support: 1.081 – 1.075
Resistance: 1.095 – 1.10
Technical Forecast: If the bounces are capped near 1.10, EURUSD could risk breaking the support at 1.081 – 1.075 for a move lower to 1.056. Alternatively, a break above 1.10 and establishing support could see a test to 1.11.
USDJPY (113.2): USDJPY remains consolidated above the 112.5 – 112 support with two tests below this level to 111.5 – 111.0 being strongly rejected. An eventual move to 117.0 remains in place but we expect to see a short-term dip to see prices close near the 111.5 – 111.0 support. In the near term, the downside risks for USDJPY looks to be easing, but the overall bias remains to the downside, with a rally to 117 indicating a pullback to the longer term downtrend. The Stochastics oscillator is has printed a higher low on the lower low in prices, indicating bullish divergence and validating the anticipated move to 117.0.
Bias (D1): Up
Support: 111.5 – 111.0
Resistance: 117.0 – 117.5
Technical Forecast: Downside looks limited near 111.0 – 111.5 as a longer-term pullback to 117 – 117.5 will mark a correction to the longer term downtrend.
GBPUSD (1.395): Following the strong declines off 1.4635 resistance, GBPUSD broke below the 1.4 2- 1.41 support level. Price action is currently pointing to a potential descending triangle pattern being formed with the current upside likely to stall near 1.41. Another minor leg lower with a potential higher low above the recent lows of 1.3836 could mark a possible breakout higher. GBPUSD remained biased to the downside and the view will change only on a break above 1.42 resistance. In such a case, GBPUSD could potentially target the older resistance near 1.4631.
Bias (D1): Correction
Support: 1.3836 – 1.385
Resistance: 1.42 – 1.41
Technical Forecast: Expect GBPUSD to consolidate into a descending triangle which could point to a breakout to the upside to 1.41 – 1.42. Only a close above 1.42 will indicate a move to 1.4635
USDCAD (1.351): USDCAD remains in the steady downtrend but is nearing support at 1.346 – 1.3387. The support level is likely to hold on the initial contact as this would mark the first test of support to a previously broken resistance level. The minor median line shows a possible move higher if the support holds. Minor resistance is at 1.3670 – 1.364 and USDCAD could stay flat within these levels. Above 1.367, a test to the previously broken support level near 1.414 could be tested for resistance, marking a pullback to the declines. Below 1.3387 support, 1.3136 comes in as the next support level. The Stochastics oscillator is currently oversold adding to the view that a test to the 1.346 – 1.3387 support could hold the declines.
Bias (D1): Down
Support: 1.346 – 1.3387
Resistance: 1.367 – 1.364
Technical Forecast: 1.346 – 1.3387 support could see USDCAD test the minor resistance. USDCAD could stay flat with the potential to break out from the support or resistance levels. 1.414 resistance to the upside and 1.3136 is the support to the downside on a breakout
USDCHF (0.99): USDCHF is nearing the identified breakout level from the earlier median line near 1.0045. Prices are trading near the outer median line plotted and a reversal here could see a dip to 0.9928 – 0.9848 support. If this key support breaks, USDCHF could be looking at steeper declines for a test to 0.954. Alternately, a breakout from the outer median line could see a test of resistance near 0.9928 and potentially test the upper resistance near 1.015. The Stochastics oscillator is in the overbought level currently, indicating USDCHF could potentially decline to test the support at 0.9928.
Bias (D1): Flat
Support: 0.9928 – 0.9848
Resistance: 1.015 – 1.0045
Technical Forecast: USDCHF could remain range bound within the specified support and resistance levels. 0.9928 – 0.9848 support will be critical in holding further declines.
There are five good months for forex trading. For instance, January, February, March, April, and May. Whereas autumn months (September to December) offer the best days of the year for trading forex.
What is the hardest month to trade forex? In June, July and August, volatility slows down due to the summer season, making it a less popular time to trade forex. The reduced trading activity during summer results from the changing habits of large market movers.
All in all, Tuesday, Wednesday and Thursday are the best days for Forex trading due to higher volatility. During the middle of the week, the currency market sees the most trading action. As for the rest of the week, Mondays are static, and Fridays can be unpredictable.
Tuesday is the most active day of the week. Trading patterns quicken, and the market experiences the first spike of the week. Market volatility on Tuesdays could reach 120%-130% of Monday's volatility. Therefore, Tuesdays are one of the best days for forex trading.
Market movements may appear to be random in the short term, but there is a higher chance of markets delivering negative returns in the month of March than in any other month. If you look at monthly returns over the past 23 years, March saw negative returns 56 percent of the time, the highest of all months.
Foreign exchange (forex) market hours are the specified periods of time when traders and investors are able to conduct transactions in the foreign exchange market. The forex market is open 5 days a week and closed during the weekend.
As a general rule, traders use a ratio of 1:4 or 1:6 when performing multiple timeframe analysis, where a four- or six-hour chart is used as the longer timeframe, and a one-hour chart is used as the lower timeframe.
Forex market volatility refers to the rate at which the value of currencies fluctuates. High volatility provides more opportunities for traders to make a profit but also increases risk. The most volatile time in the market is when the London and New York sessions overlap (from 8 am to 12 pm EST).
Major forex pairs, such as EUR/USD (Euro/US dollar), USD/JPY (US dollar/Japanese yen), and GBP/USD (British pound/US dollar), remain attractive options for night trading due to their liquidity and stable price movements. As these are the most traded pairs in forex, many market participants favour them.
The London trading session is the most active and liquid of all forex sessions. It commences at 3:00 AM EST and extends until 12:00 PM EST, with the peak of activity occurring around the overlap with the New York session (8:00 AM – 12:00 PM EST).
The U.S./London markets overlap (8 a.m. to noon EST) has the heaviest volume of trading and is best for trading opportunities. The Sydney/Tokyo markets overlap (2 a.m. to 4 a.m.) is not as volatile as the U.S./London overlap, but it still offers opportunities.
January, February, and March, might not be the best months to trade Forex, but analyzing this period might give us some idea of the overall picture. As we can see from this chart, on average, Monday has the least amount of trades, then as the week progresses the volume rises steadily, until reaching its peak on Friday.
According to historical data and market analysis, the worst months for forex trading are typically June, July, and August — the summer holiday months. During this period, trading volumes and volatility decline as traders take vacations, leading to fewer opportunities and unpredictable price movements.
Market opening on Monday can create weekend gaps leading to unexpected price movements; major economic calendar events on these days can create high volatility and uncertainty; however with brokers like FIBO Group's economic calendar forex service they can keep informed of all major economic events for an informed ...
The first good trading period of the year typically spans from January to May. During this time, the forex market is highly active, offering ample opportunities for traders to profit.
Well, the average return of the All Ords in March between 2014 and 2024 is a 1.2% decline. The only month to have performed worse is September, diving 2.4% on average over the past decade. Based on this, history would suggest this is one of the best times (second to September) of the year to be a buyer of shares.
The best forex trading time in India is 9.00 am to 3.30 pm, with cross-currency trade continuing until 7.30 pm However, India's currency market hours aren't always consistent in terms of liquidity and variability. Due to overlapping trade sessions around the world, they differ.
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