An updated weekly analysis of the price action across forex markets, including EUR/USD, GBP/USD, AUD/USD & USD/JPY
EUR/USD
The euro has broken down from a rising wedge top formation and fallen below its 50-day moving average. The 50 DMA and broken rising trendline are now resistance near 1.18. Support comes in at 1.585, 1.5 and 1.4.
GBP/USD
Having stalled at 1.35, GBP/USD quickly broke below and re-tested the 1.30 level, which is now resistance. It is now sitting at 2-month lows within a support zone formed by the April and June peaks formed at 1.246 and 1.28 respectively. Major support its at 1.25.
AUD/USD
The Aussie dollar broke below its 50 day moving average and a 3-month old rising trendline - and is now testing a confluence of support at the 0.70 round number and rising channel support.
USD/JPY
Dollar-yen has twice found support at 104 but remains within a downtrend as defined by 2 falling trendlines and the 50 day moving average, which serve as dynamic resistance. 104 is key support with a break potentially opening up a re-test of the March low near 101.
The first step in learning how to trade forex is to understand the basics of the market. This includes knowing what forex is, how it works, and the different factors that can affect currency prices. You should also learn about the different types of forex trades and the different trading strategies that you can use.
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