Welcome trading legends,
In this post, we’ll be trading the GBP/USD asset and for this we’ll be using the IQ Options broker and the signals provided by the ToolsTrades website. Be sure to stick to the end of the video as I’ll be giving you a special promo code and a forex trading tip.
The British pound has gone back and forth during the trading session on Friday, as we continue to look at the ¥135 level underneath with interest. That is an area that has previously been both support and resistance, and of course, it is a large, round, psychologically significant figure. Because of this, it is likely that we will see a lot of choppiness in this general vicinity. As we head into the weekend, it is also worth keeping in mind that it is difficult to put a lot of money into the market when there are so many headline risks out there.
Moreover, the Australian dollar has broken down significantly during the week, to slice through the 0.71 handle. If you’ve been following me here at Trading Federation for some time, you know that the area between 0.70 and 0.71 is what I consider to be a “zone of influence.” This is not necessarily a support or resistance area, more like a zone. There is a lot of fighting back and forth in this general vicinity.
Because of this, the market is likely to see a break down below the 0.70 level as something rather significant. The fact that we broke through an uptrend line recently and then came back to test it yet again. This is an area that will continue to offer resistance as well, so ultimately I think this is a market that probably go sideways as we have so many different things out there competing for attention and driving the possible direction of risk appetite and risk assets such as the Aussie dollar.
The US dollar has been weakening for some time, but when you look at the chart you can see that we had gotten far too ahead of ourselves. A pullback makes quite a bit of sense, but as the 0.70 level is extraordinarily important, and as a result, I think that a lot of short-term tension will be paid to that level. As things stand right now, I suspect that the 0.70 level offer support while the 0.72 level offers resistance and I assume that the default situation is that we are consolidating. If we break down, then a drop to the 0.68 level could be very possible.
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Let me give you a tip now:
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Be sure to watch the video:
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