Summary
We've brought in trader Navin Prithyani again to help explain his way of viewing Support and Resistance. This very basic yet very important aspect should not be overlooked as basic and put aside. "Many folks always dive into the difficult stuff thinking oh the basics are just not worth my time and I want to speed up the learning curve. But I can assure you, you'll only add additional years by skipping the core basics. Whats worse is the internet is full of nonsense in teaching the methods in a very linear and traditional method." This is a webinar not to miss. Navin Prithyani has been featured on publications online and offline and is known to simply forex for his students. He has also been ranked as one of the Most Viewed Webinars and Most Viewed Analysis on FXStreet for the last several years. Watch here Part I!Latest Live Videos
Editors’ Picks
EUR/USD retakes 1.1800 on renewed USD weakness
EUR/USD gains ground after three days of losses, re-attempting 1.1800in the European trading hours on Thursday. The US Dollar sees fresh selling interest across the board, despite hawkish Fed Minutes, as the market mood improves and supports the pair. US Jobless Claims data, Fedspeak and geopolitics remain in focus.
GBP/USD recovers above 1.3500 amid better mood
GBP/USD finds fresh demand and rises back above 1.3500 in the European session on Thursday. Improving risk sentiment and renewed US Dollar weakness are helping the pair recover ground ahead of mid-tier US data releases and Fedspeak.
Gold clings to gains above $5,000 amid safe-haven flows and Fed rate cut bets
Gold sticks to modest intraday gains, above the $5,000 psychological mark, through the first half of the European session, though it lacks bullish conviction amid mixed cues. The third round of US-mediated negotiations between Ukraine and Russia concluded in Geneva on Wednesday without any major breakthrough.
Injective token surges over 13% following the approval of the mainnet upgrade proposal
Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments. The technical outlook suggests further gains if INJ breaks above key resistance.
Hawkish Fed minutes and a market finding its footing
It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.
Here is what you need to know on Thursday, February 19:
The US Dollar gathered strength in the second half of the day on Wednesday, boosted by the hawkish tone seen in the minutes of the Federal Reserve's January policy meeting. The US economic calendar will feature December Goods Trade Balance figures and the weekly Initial Jobless Claims data. Meanwhile, investors will pay close attention to geopolitical developments.