Summary
Support and resistance is by far the most powerful tool a technical trader has in his arsenal. Understanding how to properly identify support and resistance will not only get you into the very best trades the markets has to offer you but will also keep you out of many losing trades that you shouldn’t be in to start with. Many people believe that identifying the levels is all you need to do… however many people lose money in the markets and for very good reason. In this webinar Alex is going to go through the key aspects that make for a strong support and resistance level as well as the price action required at those levels to make them successful. Do not miss this webinar, there are going to be techniques revealed that you probably will have never seen before.Latest Live Videos
Editors’ Picks
EUR/USD climbs to two-week highs beyond 1.1900
EUR/USD is keeping its foot on the gas at the start of the week, reclaiming the 1.1900 barrier and above on Monday. The US Dollar remains on the back foot, with traders reluctant to step in ahead of Wednesday’s key January jobs report, allowing the pair to extend its upward grind for now.
USD/JPY recedes to multi-day lows near 155.50
USD/JPY is pulling back sharply at the start of the week, slipping back toward the 155.50 area as speculation mounts that authorities could step in to rein in further Yen weakness. That narrative gained traction after PM S. Takaichi secured a landslide victory in Sunday’s election, stoking expectations of a tougher line in defence of the domestic currency.
Gold treads water around $5,000
Gold is trading in an inconclusive fashion around the key $5,000 mark on Monday week. Support is coming from fresh signs of further buying from the PBoC, while expectations that the Fed could turn more dovish, alongside concerns over its independence, keep the demand for the precious metal running.
Crypto Today: Bitcoin steadies around $70,000, Ethereum and XRP remain under pressure
Bitcoin hovers around $70,000, up near 15% from last week's low of $60,000 despite low retail demand. Ethereum delicately holds $2,000 support as weak technicals weigh amid declining futures Open Interest. XRP seeks support above $1.40 after facing rejection at $1.54 during the previous week's sharp rebound.
Japanese PM Takaichi nabs unprecedented victory – US data eyed this week
I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.
Here is what you need to know on Monday, February 9:
The JPY gathers strength against its major rivals to start the week as markets react to Sanae Takaichi's historic election victory. In the second half of the day, policymakers from the ECB, the Fed and the BoE will be delivering speeches.