Select additional content:. Technical Analysis. USDCAD sniffs the rising hour MA and bounces on the first test hour MA at 1. The low reached 1. NZDUSD back near hour MA as traders prepare for RBNZ rate hike RBNZ expected to raise rates by 75 basis points. The Morning Forex Technical report for November 22, The EURUSD, USDJPY, GBPUSD and USDCHF are covered in the morning forex technical report.

Crude Oil prices likely to remain under increased pressure in current circumstances The overall picture remains bearishly aligned, based on fundamentals. The USD is the weakest and the NZD is the strongest as the NA session begins.

The USD was the strongest of the majors yesterday. USDJPY moves to a new session high Yields lower not helping. USDCAD moves higher on oils tumble Extends above the The Morning Forex Technical report for November 22, GBPUSD trades lower on the day, following the USD's move to the upside Broke below the hour MA and looks toward the hour MA and Crypto market cap halving? The crypto market capitalisation has gone sharply down. The morning forex technical report for November 21, A technical review of the major currency pairs as Monday trading in the US gets underway.

The USD is the strongest and the JPY is the weakest as the NA session begins The USD breaks higher. Russell technical analysis In 30 seconds Bears have got control but it can change close to The weekend forex technical report for the week starting November 21, The video outlines the key levels in play for the EURUSD, USDJPY, GBPUSD, USDCHF, USDCAD, AUDUSD and NZDUSD. Worst week since March Down about USDCHF bounces this week. First up week after 4 straight weeks lower.

A chart pattern is a recognizable configuration of price movement that is identified using a series of trendlines or support and resistance levels. Chart patterns can signal reversals or continuation of trends.

There are many timeframes that can be used and there can be many patterns at any given time that can make all the process confusing. If you see, for example, price consolidating after a bull run caused by a fundamental catalyst giving you a flag pattern, you know that that can signal a further bullish momentum once the flag gets broken.

Chart patterns can help a technical analyst to identify possible future price moves. Double tops or bottoms can signal areas where the market has made two unsuccessful attempts to break through. You can even find triple tops or triple bottoms that have the same psychology behind them as for double tops and bottoms. These patterns are considered reversal patterns, meaning that the price upon successful completion of the pattern goes the opposite way reversing the previous trend.

Generally, once the price breaks the neckline it confirms the pattern and it can either continue on its way or come back to the neckline for a retest and then continue again the new trend. Sometimes the price may even hover near the neckline before making the real move. The head and shoulders pattern signals a weakening momentum where price cannot sustain a further push to the upside breaking the previous high or low and just drops through the neckline.

Once the price breaks the neckline it can either continue in the new direction or come back for a retest of the neckline before continuing again. Triangles are continuation patterns. Triangles signal a consolidation due to indecision or lack of fundamental drivers in the market. A symmetrical triangle can be broken on either side and it can help showing where the price wants to go.

A descending triangle generally breaks to the downside as the price keeps pushing against the support and then breaches it. An ascending triangle usually breaks to the upside as the price tries multiple times to break the resistance and eventually succeeds. Note though that even descending and ascending triangles can break on either side. Beware not to be too carried away by the price action when spotting triangles as they can be prone to spikes that look like false breaks.

Flags are a short-term consolidation type of pattern and generally they signal a continuation of the underlying trend. The price generally makes the first impulsive move and then goes into a slow consolidation that looks like a flag. Once the price breaks out of the flag it starts to run. Wedges signal a weakening momentum.

They are considered a reversal pattern. A good technical analyst thinks in probabilities. When you make your chart analysis using the tools you have learnt, you should always have more possible outcomes. For example, if you see the price at a support level you know that the price may either bounce from it or break down and keep falling. You have two possible outcomes, and you can prepare for both of them. Being a good chart analyst requires knowledge, experience, and open mindedness.

Your job is to manage risk, and this implies being aware of different situations in order to better prepare for each scenario. This kind of planning will increase your chances of success and your skills as a chart analyst. Last but not least, a good way is to follow the ForexLive. This could be a good way for practical learning as well as get some trade education and possible ideas always trade at your own risk.

Select additional content:. How to read a chart? GMT LON NY TKYO SYD Your email. First name. Last name. Trading offers from relevant providers. SIGN UP. Must Read Save The Date - Finance Magnates London Summit VIDEO: Seeing is believing. How do you take yourself from a gambler to a trader. Russell technical analysis.

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Select additional content:. GMT How to read a chart? When you open a price chart there are multiple timeframes you can choose from that range from 1 minute to even monthly. The USD is the weakest and the NZD is the strongest as the NA session begins. Russell technical analysis In 30 seconds Bears have got control but it can change close to A good technical analyst thinks in probabilities.

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