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Summary
This webinar will teach you how to draw channels properly, including equidistant channel, MA channel and Andrew's pitchfork. Additionally you will learn which trend lines are valid and which are not.
Both MT4 and MT5 tools will be covered.
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Editors’ Picks
EUR/USD: Weekly chart suggests pullback from 3-month tops on the ECB day
EUR/USD retreats from 1.1258 to 1.1222 as traders gear up for today’s ECB. 100-week and 200-week SMAs guard the pair’s immediate upside past-61.8% Fibonacci retracement level. The early-May top could offer immediate support during the further downside.
USD/JPY: Bullish bias intact while above 21-HMA in potential rising channel
USD/JPY's bullish bias likely remains intact so long as the spot holds above the upward sloping 21-Hourly Simple Moving Average (HMA) support, now at 108.83. The focus now shifts towards Thursday’s US Jobless Claims for the next direction.
GBP/USD: Slips below 1.2600 on the break of immediate support line
GBP/USD extends pullback from 1.2616, bears eye 100-HMA during further declines. The pair recently broke the immediate support line while stepping back from the highest since April 30. As a result, the quote is likely to remain downbeat and can extend the fall towards a 100-HMA level of 1.2468 during the further declines.
Gold: Bounces back above $1,700 to keep buyers hopeful
Gold prices recover from immediate support line, 50-day SMA. The yellow metal’s failure to close below 50-day SMA, not to forget a six-week-old ascending support line keeps the buyers hopeful. Risk reset, cautious mood ahead of the ECB also favors the buyers.
WTI retraces within an immediate triangle around $37.00
WTI seesaws near three-month high inside a two-day-old symmetrical triangle. The black gold rose to the highest since March 11 the previous day but MACD’s weakness dragged it back from $38.30.