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Are Free Forex Signals Really Reliable?

A trading signal is a short message that you might receive via email, text message, alert notification, tweet, or other communication methods. The message contains information about making a trade and is meant to aid traders and might mention a specific time and price to enter a trade on a currency 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.

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. 

USDCAD – Watch this Key Support

Description

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Gold Symmetric Triangle Pattern – Who’s Up for Choppy Trading?  

Gold prices continue to move in a sideways trading range of 1,710 - 1,690, while the recently formed symmetric triangle pattern is stretching the trading range. The fresh trading range is likely to provide selling below 1,700 and buying above 1,680. The gold prices are exhibiting mixed bias in the wake of mixed risk sentiment as many nations have also joined the United States in this blame-game to China because of the increased number of deaths and the global economic slowdown, both caused by the coronavirus pandemic. 

EUR/USD Higher High, Higher Low Pattern – Quick Update on Trading...

The EUR/USD prices were closed at 1.09228 after placing a high of 1.09759 and a low of 1.09020. Overall the movement of the EUR/USD pair remained bullish throughout the day.

EUR/USD Bullish Bias Continues – Upward Trendline Support!

The EUR/USD currency pair extended its previous day winning streak and took bids around the 1.1311 level, mainly due to the fresh risk-on market sentiment, which undermined the broad-based US dollar and contributed to the currency pair gains. The reason for the upticks in the currency pair could also be attributed to the report that the Spanish government officials are considering pledging as much as EUR50 billion in additional loan guarantee, which underpinned the shared currency and provided support to the major. 

Gold On Fire – Two Winning Forex Trading Signals Closed! 

The yellow metal prices failed to maintain its early-day modest gains and dropped from the $1,932.48 to 1,924.20 level due to the broad-based U.S. dollar modest strength, backed by the downbeat market trading sentiment. However, the gains in the U.S. dollar could be short-lived as the doubts over the U.S. economy persists. On the other hand, the previous market optimism over the coronavirus (COVID-19) vaccine/treatment was overshadowed by the latest disappointing U.S. data. As in result, the market trading sentiment turned negative, which eventually might help the gold prices to limit its deeper losses. 

Gold Signal Update – Three Winning Trades In a Row!

Entry Price – Sell 1.15841

BTCUSD: Consolidation after double bottom

Bitcoin made a high-volume bullish candle after a double bottom touching the lower edge of its bullish channel. After bouncing off of its 200-SMA has created a consolidation channel in which you see two engulfing candles, after a bounce from the 50% level of the initial bull candlestick.

GBP/USD Breaks over Double Top Pattern – Buckle Up for Buying

The GBP/USD trades bullish around 1.2030 in the wake of less dovish than expected monetary policy decisions. The central bank left the interest rate unchanged at 0.10%. However, it has warned that the measure and term of the economic collapse arising from the coronavirus pandemic will be "wide and dramatic but should eventually prove short-lived."

XAU/USD Trades Bullish Amid Trade Tensions – Update on Sell Signal! 

The yellow metal gold traded sharply bullish to hold around 1,720 area. Most of the buying in gold was safe haven driven, leading the gold prices towards the highs of 1,726. Below this, the XAU/USD is likely to close a doji candle, which suggests odds of bearish bias retracement in gold.

Gold Signal Closed In Profit – Quick Update Today! 

The safe-haven-metal prices failed to maintain its previous day gains and dropped to $1,730 from $1,740, the highest since June 02 while representing 0.35% losses on the day as the broad-based U.S. dollar recently took a U-turn from the multi-day low backed by the fresh US-China tussle and contributed to the yellow-metal losses as they both have an inverse relationship. On the other hand, the risk-off market sentiment triggered by fresh conflict between US-China turned out to be one of the key factors that kept a lid on any additional losses in the gold.  

Bearish Bias Dominates EUR/JPY – Downward Channel In Play! 

Today in the early European trading session, the EUR/JPY currency pair failed to stop its previous session losing streak and picked up further offers around below the 124.00 marks. However, the bearish sentiment around the currency pair could be attributed to the prevalent market risk-off sentiment, which benefitted the safe-haven Japanese yen and exerted some heavy pressure on the currency pair. Thus, the market trading sentiment was being pressured by the US policymakers’ failures to offer the much-awaited fiscal stimulus as well as the intensification of the Sino-American tussle also weighed on the market trading tone. 

AUD/USD Supported By Upward Channel – Brace for a Buy Trade! 

The AUD/USD closed at 0.73723 after placing a high of 0.73731 and a low of 0.73393. The increasing risk sentiment in the market due to vaccine hopes they raised the risk-sensitive Aussie in the market and supported the AUD/USD pair's upward momentum. Another factor involved in the rising AUD/USD prices on Tuesday as the US dollar's weakness.

USD/CAD Gain Support Over Double Bottom – Who’s Up for Bullish...

The USD/CAD pair slipped sharply to form the double bottom pattern around 1.3864 level on the 4-hour chart. The primary reason behind a sharp sell-off in the USD/CAD pair is the risk-on market sentiment, which is increasing demand for crude oil following the report of successful clinical trials of Gilead Sciences' retroviral drug Remdesivir. The drug will be used to treat those infected by COVID-19, and investors are expecting the market will be back to its feet once this medicine gets success.

CADCHF Breakout of Triangle Pattern – Who’s Up for Buy Position? 

The CAD/CHF pair is trading with a bullish bias at 0.7020 level, having violated the resistance level of 0.7000 level. It seems like the improved crude oil prices and reduced demand for safe-haven swiss franc is brining buyers for the CAD/CHF pair. 

NZDCHF Bearish channel in Action

Introduction

GBP/USD Sideways Channel Breakout – Quick Update on Signal! 

Earlier today, the GBP/USD flashed green and rose from three-week lows to just below mid-1.2400 level following Friday's upbeat U.K. retail sales figures, which underpinned the British Pound and contributed to the currency pair gains. The broad-based U.S. dollar weakness triggered by the risk-on market sentiment also played a key role in the pair's bullish trend. The GBP/USD is currently trading at 1.2380, as it has violated the consolidation range of 1.2405 and 1.2456.

USDCAD Buy Limit

USDCAD Limit Buy entry at 1.4050 with a target of 1.4525 and SL of 1.3980

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: 

EUR/USD Ascending Triangle Pattern Ready to Breakout! 

The EUR/USD is trading slightly bullish and took bids around above the 200-week simple moving average (SMA) of 1.1360 level mainly due to the broad-based U.S. dollar weakness ahead of U.S. Federal Reserve policy meeting.The EUR/USD is trading at 1.1355 and consolidates in the range between the 1.1332 - 1.1370. However, the Fed’s monetary policy statement is scheduled at 1800 GMT and will be followed by a press conference from Chairman Jerome Powell.

AUD/USD Upward Channel Continues to Support Bullish Bias – What’s Next?

The AUD/USD pair was closed at 0.73570 after placing a high of 0.73742 and a low of 0.73533. The Australian dollar tried to rally during the early session on Thursday but gave back some of its gains and ended up losing. This week has been quite supportive to the riskier currencies like the Australian dollar and Aussie has been on its highest since September level due to the combination of vaccine news, the beginning of Joe Biden transition, and the weakness of the US dollar.

EUR/USD Violates Ascending Triangle Pattern – Bullish Signal In Play! 

The EUR/USD bullish bias continues to dominate the market as it's trading at 1.2225. On the higher side, the EUR/USD may target the 1.2250 level and 1.2282 resistance areas. The direct currency pair may find support at 1.2175, which is extended by a double top resistance, which now is working as a support. The MACD and RSI are supporting bullish bias along with the 50 periods EMA. We can expect a continuation of a bullish trend in the EUR/USD today.

Gold Extend Previous Day Bullish Rally – Risk-On Market Sentiment!

During Tuesday's Asian trading session, the yellow metal prices extended its previous day winning streak and edged higher on the 2nd-day of a new week. However, the bullish sentiment around the yellow-metal prices has remained supportive by the prevalent selling bias surrounding the U.S. dollar. The losses in the U.S. dollar was seen as one of the key factors that helped the dollar-denominated commodity. Hence, the U.S. dollar was being pressurized by the doubts over the U.S. fiscal stimulus measures. Besides, the upbeat market mood, backed by the combination of factors, also undermined the U.S. dollar and contributed to the bullion gains. It is worth mentioning that the market trading sentiment was supported by the news suggesting that the Phase III clinical trial went very well, and the vaccine could be ready by November/December.

AUD/NZD Failed To Gain Any Positive Traction – Quick Update on...

The AUD/NZD currency pair failed to extend its early-day winning streak and remain flat around 1.0753/70 region, mainly due to the risk-off market sentiment, which eventually undermined the perceived risk currency Australian dollar and contributed to the currency pair declines. However, the market trading sentiment was being pressured by the intensification of the Sino-American tussle, and the uncertainty over the American stimulus package also weighed on the market trading tone. 

NZD/USD Ascending Triangle Pattern in Play – Quick Update on Signal! 

The NZD/USD currency pair flashed green and rose to 0.6230 level, mainly due to weaker crude oil prices, which undermined the commodity-linked currency the loonie and exerted some bullish impact on the currency pair. While, the broad-based U.S. dollar is selling bias rolled out to be one of the key determinants that held a lid on any additional gains in the currency pair, at least for now. As in result, the currency pair remained confined in a three-day-old trading range. 

USD/CAD Bullish Channel Breakout – Potential Buying Trade! 

The USD/CAD pair was closed at 1.31379 after placing a high of 1.31771 and a low of 131235. The USD/CAD pair remained flat throughout the day as it ended its day at the same level it started its day at 1.31378.

AUD/USD Bearish Engulfing Signals Selling Bias – Brace for Quick Short...

The AUD/USD pair was closed at 0.68540 after a high of 0.70039 and a low of 0.68392. Overall the movement of AUD/USD pair remained bearish throughout the day. The risk perceived Aussie posted losses on Thursday in risk-off market sentiment, which was caused by the gloomy outlook of the US economy by Federal Reserve in its monetary policy meeting. The FED in its report said that the impact of coronavirus could last for a more extended period of time than Fed expected, and recovery would also be slower than expected.

USD/CAD Violates Descending Triangle Pattern – Signal Update! 

During Monday's Asian trading session, the USD/CAD currency pair failed to stop its overnight losses and remain depressed around below the 1.2750 level due to the broad-based U.S. dollar weakness. The prevalent downtrend in the greenback was mainly tied to the fresh optimism over a potential vaccine for the highly contagious coronavirus disease, which kept the market trading sentiment positive and undermined the safe-haven USD dollar. Furthermore, the U.S. dollar losses were further bolstered by the renewed probabilities that the Fed will keep interest rates low for an extended period at its last policy meeting of 2020.