ActivTrades Event Follow Up: Tools & Trading Setups

There is always something new to learn from the markets and the proper training and education is needed to achieve success in trading. ActivTrades has always been providing the right tools to its clients so that they can be the most successful in the markets. On November 24^th, Paul Wallace will be following up on different trading tools and trading setups. On December 1^st, Malte Kaub will be conducting an excellent Webinar on Forex and Indices. To register for the upcoming events, just visit the following link:

https://www.activtrades.co.uk/webinars

GBP/JPY: Visits the 200 day EMA

The 200 day exponential moving average or EMA usually acts as a good support or resistance zone. On the daily chart of the GBP/JPY we can see that the pair has reached its 200 day EMA, blue line, around the 141.19 level. The rally has been really steep; therefore, from the current level the pair may bounce to the downside and probably correct to the 139.00 level. A longer correction could take the pair to the 135.00 level. The bullish trend is still in place and that is why we could see a breakout of the 200 day EMA, which could take the pair to the 150.00 zone.

GBP/USD: Boxed between the 1.2300 & 1.2600

The Pound versus the Dollar consolidates between the 1.2300 level and the 1.2600 level, forming what it appears to be a symmetrical triangle. From this area the price may head in any direction, but we must keep in mind that in the longer term the bearish trend is still in place. A breakdown below the 1.2300 level could take the pair to the 1.2200 or the 1.2000 levels. To the upside, above the 1.2600 level, its next resistances could be the 1.2800 level or the 1.300 level.

EUR/USD: Nears the 1.0500 level

The Euro versus the Dollar has been dropping steadily during the last few weeks and reaches the 1.0521 level as shown on the daily chart. The bearish momentum has been strong, but at the current levels, the pair may try to pull back or retrace to the upside. The 1.0500 zone may act as support, but if the pair continues dropping, probably after a small retracement, then it may visit the 1.0400 level. To the upside, the next resistance zones could be the 1.0600 level, followed by the 1.0700 level.

The weakness in the Euro

The Euro versus the Dollar continues dropping and remains weak, but the over-extended current nature of the pair may cause a bullish pullback or correction from current levels. On the weekly chart of the EUR/USD we can see that the pair has been dropping for the last two weeks and breaks below the 1.0600 level. The next support in sight is the 1.0521 level, but we can round it off to the 1.0500 level. If for some reason the pair breaks below the 1.0500 level, then it may try to go and reach the 1.0000 level, which is really parity for the EUR/USD. If the upcoming US fundamentals keep coming out better than expected, then the EUR/USD may continue falling.

GBP/JPY: Goes back up

The Pound versus the Yen is a pair that it is usually very volatile with big swings. During that last few days the pair has kept a good bullish trend, but consolidates around the 135.00 level. Today we can see that the bullish momentum comes in again and the pair rallies. If it continues going higher, then the 139.00 level may act as its next resistance. Below the 135.00 level, the next supports in sight are the 132.00 level or the 55 day EMA, purple line. The lows on the chart at the 126.69 level and the 124.85 level may also act as support.

EUR/GBP: Possible bearish continuation

The Euro versus the Pound has had a good bearish trend and the momentum seems to accelerate once the pair broke below the 0.8600 level. The Euro weakens versus most of its major counterparts, therefore, it is possible for the pair to continue falling towards the 200 day EMA, blue line, which is currently around the 0.8389 zone. Attention to a visit to the 200 day EMA, because the pair may try to bounce from there to the upside, providing a possible long entry. But if the pair breaks below the 200 day EMA, then the breakdown may also provide an entry to the downside. To the upside, the 55 day EMA, purple line, may act as resistance. Above the 55 day EMA, the next resistance could be the 0.9000 level.