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How Do Forex Robots Actually Work?

What’s this about trading robots? Do they work? Are robots bad? Many questions are those that usually roll in the head when you hear...

How to Correctly Evaluate Forex Signals Prior to Using Them

Trading signals are becoming big business, really big business. People come into trading these days looking for the easy option and often signals are...

USD/JPY Double Top Pattern Set to Drive Selling – Signal Update! 

The USD/JPY pair is trading with a bullish bias at 104.350, and violation of this level is likely to lead the USD/JPY pair until the 104.745 level. On the lower side, the USD/JPY may find support at the 104.198 level. We can expect USDJPY to bounce off upon the 104.198 level today. On the 4 hour timeframe, the USDJPY pair is likely to close a doji candle below 104.368 level. If this happens, we may see a bearish correction in the USD/JPY pair. 

EUR/GBP Downward Channel to Provide Sell Opportunity! 

On the 4 hour timeframe, the EUR/GBP pair is trading with a selling bais at 0.8850 level, facing immediate support at 0.8825 level. On the lower side, the EUR/GBP pair may find support at 0.8825 area, whereas violation of this can extend selling bias until the 0.8782 mark. The MACD and RSI support a selling bias, along with a downward channel that we can see on the four hourly timeframes. Here's a trading plan for today...

USD/CAD Enters Overbought Zone – Quick Trade Idea! 

The USD/CAD pair was closed at 1.28019 after placing a high of 1.28224 and a low of 1.26851. Since January 11 on Wednesday, amid the US dollar's broad-based strength and declining crude oil prices, the currency pair rose to its highest. The US Dollar Index measures the greenback's value against the basket of six major currencies settled above 90.50 level and supported the US dollar. The US dollar gained traction in the market ahead of the US Federal Reserve monetary policy decision and its safe-haven status.

AUD/USD Get Ready for Bullish Correction – Buy Signal Update! 

The AUD/USD pair was closed at 0.76630 after placing a high of 0.77636 and a low of 0.76432. The AUD/USD pair reversed its direction on Wednesday and started posting losses for the day due to rising US dollar demand and risk-averse market sentiment. The risk-sensitive Australian dollar suffered on Wednesday as the risk-off market environment started to emerge over the rising concerns of the negative impact of current lockdown restrictions in many nations. The total number of coronavirus cases worldwide reached 100 million and was rising day by day that raised global economic concerns despite the vaccine rollout. These concerns added to the risk-off market sentiment and weighed on the risk perceived Aussie that ultimately dragged the AUD.USD pair on the downside on Wednesday.

AUD/USD Bearish Bias Continues – Sell Signal In Play!

The AUD/USD pair was closed at 0.77473 after placing a high of 0.77540 and a low of 0.76686. After placing losses for 2 consecutive sessions, AUD/USD pair rose on Tuesday amid the turnaround of risk appetite in the market sentiment. The risk-sensitive Australian dollar gained traction on Tuesday after the positive vaccine news took hold of the market. The European equities, US stocks, and Bond yields rose during European trading hours amid the risk appetite in the market driven by attesting vaccine developers' announcement.

NZD/USD Sell Signal Update – Quick Outlook! 

The NZDUD pair is trading at 0.7229 level, gaining immediate support around the 0.7224 mark. A bearish breakout of 0.7224 level can extend selling until 0.7214 and 0.7201. Conversely, a breakout of 0.7240 can lead the NZDUSD pair towards 0.7280.

USD/CAD Violates Upward Channel – Sell Signal Update!

The USD/CAD pair was closed at 1.27434 after placing a high of 1.27789 and a low of 1.26871. The USD/CAD pair continued its bullish movement for the 3rd consecutive session on Monday and reached above 1.27700 level amid the broad-based US dollar strength despite the risk-off market sentiment and the rising crude oil prices on the day.

Oversold USD/CHF Exhibiting a Bullish Correction 

The USD/CHF pair is trading bearish at 0.8862 level, and the continuation of an upward trend can extend buying trend until the next target level of 0.8874 level. So far, the pair has completed 38.2% Fibonacci retracement at 0.8874 level. Since the 10 & 20 periods, EMA supports bullish bias along with the MACD and RSI levels. On the higher side, a continuation of an upward trend can lead the USD/CHF pair towards the next target level of 0.8892. Check out a trading plan below: 

AUD/USD Sideways Trading Continues – Downward Channel in Play!

The AUD/USD pair was closed at 0.77101 after placing a high of 0.77696 and a low of 0.77017. After rising for three consecutive days, AUD/USD pair dropped on Friday as the US dollar was seen stronger on the week's ending day. As well, the rising demand for safe-haven and risk-off market sentiment also weighed on the AUD/USD pair.

Gold Closed 28 Pips – Brace for a Breakout Trade!

During Monday's Asian trading session, the yellow metal prices failed to maintain their overnight bullish streak. They edged lower around the $1,855 level mainly due to the risk-on market sentiment, which tends to weaken the safe-haven yellow-metal prices as investors continuing a retreat from the safe-haven asset after renewed progress in U.S. stimulus measures.

EUR/JPY EMA Crossover Underpin Buying – Quick Update on Signal! 

The EUR/JPY is trading with a bullish bias at 126.285 level, holding mostly over the triple top resistance become support level of 126.169 level. Continuation of a selling trade can extend bullish bias until the 126.560 mark. The pair is also gaining support amid 10 & 20 periods EMA supporting bullish trend continuation in the market. The MACD and RSI are supporting an upward momentum in the EUR/JPY pair. On the hourly chart, we can see the pair has closed bullish engulfing, which may help support the EUR/JPY pair's buying trend. Check out a trading plan below: 

GBP/USD Sell Trade Continues – Three Sell Signals! 

The GBP/USD pair continues trading sideways between a narrow trading range of 1.3740 - 1.3703 level. On the lower side, a bearish breakout of 1.3703 level can extend the selling trend until the next support level of 1.3679 level. Conversely, the bullish crossover of 1.3740 can extend buying trend until the 1.3775 level. Let's keep an eye on the 1.3700 level today.

Bearish Bias Dominates USD/CAD – EMA Extends Resistance  

The USD/CAD pair is trading with a selling bias at 1.2619 level, facing an immediate resistance around 1.2630 level. The USD/CAD pair is stuck in between a narrow trading range of 1.2630 - 1.2612 level on the two-hourly timeframes. On the lower side, a bearish breakout of 1.2612 level can extend selling bias until the next support level of 1.2580 level. Conversely, an upward crossover of 1.2630 can send the USD/CAD pair further higher until the 1.2665 level. The MACD and RSI are in support of the selling trend today. 

USD/JPY Violates Triple Bottom – Sell Signal Update! 

The USD/JPY continues to trade sideways in between a wide trading range of 104.340 – 103.560. The USD/JPY has formed a sideways channel on the 4-hour timeframe, and it has the chance of leading the pair towards the next resistance level of 104.800 upon the breakout of 104.810. The 50 periods EMA supports the bullish trend, and we may have odds of taking a buying trade over the 103.570 level today. Good luck! 

AUD/USD Upward Bias Continues – Upward Channel Supports! 

The AUD/USD currency pair maintained its previous session bullish bias and hit the intra-day high around above mid-0.7700 level mainly due to the all-time high gains in S&P 500 futures, which lent strong support to the perceived risk currency Australian dollar and contributed to the currency pair gains. The market trading sentiment was being supported by the hopes for additional U.S. fiscal stimulus measures and optimism over the rollout of COVID-19 vaccines. Moreover, the currency pair gains were further bolstered by the broad-based U.S. dollar bearish bias, which was triggered by multiple factors. 

A Prop Traders’ Take on Expert Advisors

As trading in the currency market may be a completely dissimilar experience for different traders, a single piece of advice may also apply differently across different people’s careers. If you feel that a specific set of instructions is not working out for you, while others seem to be doing quite well following the exact same steps, understand that there are more things at play aside from technical suggestions and tools.

Three White Soldiers Underpins EUR/JPY – Buying Signal Update! 

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AUD/USD Bearish Engulfing Candle – Is It Good Time to Sell?

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AUD/JPY Gains Support Over Double Bottom – Is It Worth Holding...

The AUD/JPY pair traded bearish, falling from 79.77 level to trade low at 79.50. On the lower side, the AUD/JPY may find support at the 79.50 level, and a bearish breakout of this level can extend selling bias until the 79.14 level. The 10 & 20 periods EMA are supporting selling bias, along with the 50 MACD and RSI indicators. Let's follow a trading plan below:

AUD/USD Symmetric Triangle Breakout – Brace for Selling! 

The AUD/USD failed to stop its previous session bearish moves and hit the one-week around well below 0.7700 level. The cautious sentiment ahead of U.S. President-elect Joe Biden’s office term, as well as the lack of major data/events and a long weekend in the U.S., played their major in undermining the market trading sentiment. The AUD/USD currency pair is currently trading at 0.7669 and consolidating in the range between 0.7659 - 0.7711.

GBP/USD Supported Over Double Bottom – Buy Signal Update! 

The GBP/USD is trading at 1.3692, and it has closed a Doji candle on the four hourly timeframes, and it may extend a bearish correction in the GBP/USD pair. On the lower side, the support stays at 1.3636 and resistance at 1.3692 and 1.3720 today. The GBP/USD pair’s 10 & 20 periods EMA is supporting bullish bias in the Sterling. The MACD and RSI support bullish bias; therefore, bullish bias dominates over the 1.3646 level today.

AUD/NZD Upward Channel Underpinds – Bullish Setup in Play! 

The AUD/NZD pair is trading with a bullish bias at 1.07901 level, facing immediate support at 1.07820 level. On the higher side, the pair may find resistance at the 1.07990 level, and a bullish crossover of 1.0799 level can extend the buying trend until the 1.0810 level. The MACD is closing histograms over 0, suggesting bullish bias in the AUD/NZD pair. In any case, the pair can drop until the 1.0782 level before extending further higher. Here's a trade plan...

AUD/USD Bullish Bias Continues – Symmetric Triangle Plays!

On Thursday, the AUD/USD trades bullish at 0.7767, and an upward violation of the 0.7778 mark is likely to extend the bullish trend until the next target of the 0.7818 mark. Whereas the support holds around the 0.7722 mark. The RSI and MACD are suggesting bullish sentiment; thus, we have begun a buying trade at the 0.7750 mark. 

EUR/JPY Violates Descending Triangle Pattern – Quick Sell Setup! 

The EUR/JPY is trading with a bearish bias at the 126.497 level, violating the support level of 126.497, which now is working as a resistance for the EUR/JPY pair. On the lower side, the EUR/JPY pair may find support at the 126.250 level, and further support can be expected at 126.100. The MACD value has crossed below 0, supporting selling bias as histograms are being formed under zero. The recent bearish engulfing candle on the hourly timeframe suggests strong odds of selling the EUR/JPY pair. Let's consider selling trades in the EUR/JPY today. 

GBP/JPY Violates the Ascending Triangle Pattern – Bullish Signal Update! 

The GBP/JPY pair trades with a bullish bias at 142.090 level ever since it has violated the triple top resistance level of 141.296. On the higher side, the GBP/JPY pair soar until the next target level of 142.510. The GBP/JPY pair's technical side is supporting strong bullish bias as the 10 & 20 periods EMA are in support of the buying trend. Here's a quick trade plan...

AUD/USD Symmetric Triangle Pattern – Potential Sell Trade!

The AUD/USD closed at 0.77738 after placing a high of 0.77772 and a low of 0.76865. The AUD/USD pair recovered on Tuesday after the US dollar came under fresh pressure due to the US's rising political risks.

EUR/GBP Violates Descending Triangle Pattern – Sell Signal In Play! 

The EUR/GBP pair is trading with a bearish bias at a 0.8930 level, having violated the support level of 0.8940. The Euro seems to get weaker as the European countries have tightened measures to fight coronavirus after a brief relaxation over the Christmas and New Year period. They have re-imposed lockdowns, closed shops and offices, and introduced laws to make it easier for governments to impose further restrictions to battle the pandemic. 

AUD/USD Completes 38.2% Fibonacchi Retracement – Trade Idea! 

The AUD/USD pair was closed at 0.76953 after placing a high of 0.77604 and a low of 0.76658. AUD/USD pair dropped on Monday amid the rising US dollar prices and the improved risk-off market sentiment in the market. The risk-sensitive Australian dollar suffered due to the rising risk-off market sentiment after the world's second-largest economy entered into restrictions as the number of coronavirus cases rose rapidly. China saw almost 18 new imported infections from overseas, and on Monday, the country in northeastern Heilongjiang province moved into lockdown after reporting new coronavirus infections. It weighed on the risk sentiment that ultimately plunged the risk-sensitive Aussie and dragged the pair AUD/USD on the downside.

GBP/USD Hit Take Profit – Downward Trendline in Play!

35679 and a low of 1.34507. The GBP/USD pair lost ground on Monday and dropped to a fresh 2-weeks lowest level amid the broad-based US dollar strength. The GBP/USD witnessed some selling for the fourth consecutive session on Monday and extended its retracement slide from 33-months highs. The momentum dragged the GBP/USD pair further below as the strong rally in the US Treasury bond yields supported the US dollar. The greenback recovered from nearly three-year lowest level after the treasury yields rally amid the hopes of additional US fiscal stimulus measures. Investors started pricing in the prospects for a more aggressive US fiscal spending in 2021 after the Democratic sweep in the US Senate runoff elections in Georgia.

Gold Violates Daily High – Brace to Capture Buying Trade! 

The yellow metal managed to stop its overnight losses and drew some fresh bids around above mid-$1,800 level as the prevalent downbeat market trading sentiment, triggered by the worsening coronavirus (COVID-19) conditions Sino-US tussle, underpinned the safe-haven metal prices. Though, the equity market losses were further bolstered after the Chinese planned to extend the Hong Kong crackdown after the arrests of nearly 50 democrats during last week, which in turn, provided some additional support to the yellow metal prices. 

EUR/USD Downward Channel in Play – Sell Signal Update!

The strength in the U.S. dollar also dragged the EUR/USD pair lower to the 1.2175 level. For the moment, the EUR/USD is gaining support at the 1.2175 level, and below this, it can dip further until the 1.2130 level. On the higher side, the pair may face resistance at the 1.2216 level. The RSI and MACD support bullish correction, and these may cause a bounce off in the EUR/USD pair until the 1.2216 level. Below 1.2216, we can again see a dip in EUR/USD.

AUD/USD Violates Ascending Triangle – Double Bottom Support! 

The AUD/USD closed at 0.77665 after placing a high of 0.77984 and a low of 0.77280. The currency pair AUD/USD remained flat throughout the day on Friday and closed its day at the same level it began its day with as the risk rally pushed the pair higher and the US dollar strength dragged the pair AUD/USD lower at the same time. 

AUD/USD Ascending Triangle Pattern – NFP Figures Ahead! 

The AUD/USD pair was closed at 0.77661 after placing a high of 0.78171 and a low of 0.77661. After rising for two consecutive days, the AUD/USD pair dropped on Thursday amid the US dollar's strength and rising safe-haven demand in the market.

USD/CAD Forms Descending Triangle Pattern – Brace for a Breakout Setup! 

The USD/CAD pair was closed at 1.26879 after placing a high of 1.27334 and a low of 1.26633. The USD/CAD pair rose on Thursday due to a strong rebound of the US dollar and Canada's negative economic data.

USD/CAD Downward Trendline to Provide Resistance – Sell Trade in Play! 

The USD/CAD pair was closed at 1.26766 after placing a high of 1.27234 and a low of 1.26297. Despite the continuous rise in crude oil prices, the USD/CAD pair posted gains on Wednesday amid the rebound in US dollar prices. After the two-day OPEC+ meeting, Saudi Arabia announced that they would be voluntarily cutting their output in February and March that will amount to 1 million barrels per day. West Texas Intermediate (WTI) 's barrel gained more than 5% and preserved its bullish momentum on Wednesday. The Crude oil prices reached $50.9 per barrel on Wednesday to their highest level in more than ten months and gave strength to commodity-linked Loonie that capped further upside in the currency pair USD/CAD pair.

AUD/USD Breaks Below Upward Channel – Quick Update on Sell Singal! 

The AUD/USD pair was closed at 0.78063 after placing a high of 0.78199 and a low of 0.77329. The AUD/USD pair continued its bullish momentum on Wednesday and extended its gains amid the anticipated Democratic win in the US Senate runoff elections in Georgia. 

AUD/USD Plunges to Complete Retracement – Quick Trade Plan! 

The AUD/USD pair was closed at 0.77604 after placing a high of 0.7773 and a low of 0.76607. Despite the positive macroeconomic data from the US and the rising demand for safe-haven, the currency pair AUD/USD rose higher onboard amid the US dollar's weakness. The greenback weakened after the beginning of the American session, and the US Dollar Index fell to its two-year lowest level at 89.44 on Tuesday ahead of the Georgia runoff election's result. The Senate election will decide who will control the upper chamber of the US Congress. The incoming Democratic President, Joe Biden, will need the two seats to control the US Senate. The Republican Party has been controlling the US Senate since 2014, and if the Democratic Party wins this election, it would be beneficial for them.

USD/CAD Descending Triangle in Play – Quick Trade Idea! 

The USD/CAD pair was closed at 1.26689 after placing a high of 1.27909 and a low of 1.26556. The currency pair USD/CAD fell to its lowest since 2018 April on rising crude oil prices and the US dollar weakness. Despite Canada's negative economic data and positive data from the US side, the currency pair USD/CAD still moved in the downward direction on Tuesday as investors' focus was shifted on the OPEC meeting and Georgia's runoff elections.

USD/CAD Bouncing off Over 1.2728 – Do We Have a Buying...

The USD/CAD currency pair failed to stop its Asian session losing streak and remain depressed around the 1.2735 level, mainly due to the U.S. dollar weakness. However, the prevalent downtrend in the greenback is mainly tied to the Federal Reserve's expectations would keep rates low for a prolonged period. Meanwhile, the optimism over a possible coronavirus vaccine and the probability of an additional U.S. financial aid package also played its major role in weakening the greenback, which adds further burden around the currency pair. 

AUD/USD Heading North to Test Triple Top – Brace for Selling! 

During Tuesday's European trading session, the AUD/USD currency pair succeeded to extend its previous session winning streak and caught some further bids around above 0.7700 level mainly due to the fresh upticks in S&P 500 futures, which tend to underpin the perceived risk currency Australian dollar and contributes to the currency pair gains. Hence, the market trading sentiment got support from the fresh hopes of the coronavirus vaccine and the U.S. covid stimulus.

Upward Channel Supporting Buying in Aussie – Get Ready for a...

The AUD/USD continues trading bullish at the 0.7740 level, heading further higher, but only if the Aussie gets to violate the 0.7740 resistance level. The dollar seems to get weaker amid a rising number of coronavirus cases despite the vaccine rollout raised fears and supported the appeal for safe-haven, but the dollar is getting weaker. Ultimately weighed on the risk-sensitive Aussie that added in the losses of the AUDUSD pair.

Gold Breakout Ascending Triangle Pattern – Bullish Bias Dominates! 

During Monday's Asian trading session, the precious metal managed to extend its early-day positive performance and remained bullish around above the $1,920 level as the sharp rise in global COVID-19 cases and the possibility of more countries imposing tighter restrictions tend to underpin the safe-haven yellow metal. Meanwhile, the broad-based U.S. dollar weakness, triggered by the market upbeat mood, also played its key role in underpinning the gold prices as the price of gold is inversely related to the price of the U.S. dollar. However, the market trading sentiment was being supported by the optimism surrounding the coronavirus (COVID-19) vaccine, Brexit headlines, and the U.S. covid aid package. 

USD/CAD Supported Over Triple Bottom – Brace for a Trade Here! 

The USD/CAD pair was opened at 1.27142, and it has placed a high of 1.27358 and a low of 1.26950 since then. The pair was currently moving at 1.27035 and was posting losses on Monday for the 5th consecutive session. The losses in the USD/CAD pair during the Asian session on Monday could be attributed to the US dollar's weakness along with the rising crude oil prices on the day. The deteriorated risk-sentiment could also be a factor behind the USD/CAD pair's declining prices on Monday.