Happy Thanksgiving to all our traders in the US. In today’s Forex technical analysis breakdown, we reviewed the status of our current pending signals from yesterday. We found a few new potential setups for GBPUSD and USDJPY. After that, we spent some time looking at BTCUSD and Crude Oil and did a brief lesson on How To Draw Fibonacci Levels.
During yesterday’s webinar, we identified trade signals for EURNZD, XAUUSD, GBPJPY and Crude Oil, but the price action for these setup did not become valid for us to enter. Majority of the pairs continued to consolidate in their respective key levels. Since today is Thanksgiving in the United States, we may see further consolidation and erratic behavior in the markets. Nonetheless, we were still able to find two more trade setups for our community, which could be valid to enter in the next few hours. We were able to find a short trade signal for GBPUSD and a long trade signal for USDJPY. Join us today to get access to our entry price, stop loss and take profit targets.
As discussed in yesterday’s trading session, BTCUSD has decided to make a deep retracement to the 7500 area. The buyers could potentially push the heavyweight crypto back up to previous support at 8700. This was the exact level we took a short from back at the start of November, where we called the price to 7500. Our Crude Oil short position has continued to consolidate, as it is currently sitting at secondary resistance zone. We expect a break of this resistance zone to send this commodity down lower.
Some trading weeks have great price action, and some trading weeks are just plain weird. This week was the latter, with GBP pairs moving erratically. Based on this observation, we will hold off on entering anymore GBP (Pound) pairs for the remainder of the trading week. We will need to be patient until we see some better price action in the markets. As you grow and learn more about trading with us in our Trading Room, you will learn that trading psychology and capital preservation is almost as important as having good risk management. These things are not talked about enough in Forex. Sometimes sitting on the sidelines is the best thing to do.
If you’re in the United States, the best thing you can do right now is stay away from the markets and spend quality time with your loved ones. With that said, we hope you all have a Happy Thanksgiving no matter where you are in the world, and please trade responsibly!
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