Forex Technical analysis and forecasts
One of the key factors, which has influence on any trader’s success is his ability to correctly predict the market movements. The two main methods are technical and fundamental analysis of Forex market.
An important feature of fundamental analysis is its global nature. Events, which are analyzed in fundamental analysis, have long-term influence on supply and demand on the currency market. This information is composed of the news about the world’s biggest political and financial events. It’s hard to overestimate the influenced the news has on financial markets: when the most important news is published, the market volatility increases.
It’s quite easy for an experienced trader to analyze and predict how a single event may influence the market. However, analysis of several events, which may influence the market in completely different ways, is a very complicated and time-consuming process. This may be the reason why only approximately 20% of traders use fundamental analysis as their main forecasting tool.
Fundamental approach to Forex market analysis, unlike technical one, covers not only the prices and their changes, but the reasons for these changes as well. Each approach has its followers, advantages and disadvantages.
The market continues moving sideways.
Eurodollar is consolidating around 1.1360; it moves according to an alternative scenario towards 1.1570.
After rebounding from the retracement of 38.2%, Eurodollar has updated its previous maximum.
Australian Dollar has reached the target of the correction at 0.7630.
At the H1 chart, the predicted target of the current correction is at the retracement of 50%.
Eurodollar is consolidating.
Eurodollar is still moving inside the flat.
Eurodollar is moving inside the narrow consolidation channel at the top of its ascending wave.
Eurodollar is still being corrected.
Russian Ruble is consolidating at its lows.
At the H1 chart, the price has rebounded from the local correctional retracement of 38.2%.
Eurodollar has broken 1.1359 upwards and right now is forming an upside continuation pattern.
After rebounding from the Moving Average yesterday, Europound is moving above it.
Eurodollar is falling and forming the second descending impulse with the target at 1.1300.
Europound is still being corrected above the Moving Average.