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GBP took the top spot this week as traders likely continued to ride the bullish vibes sparked last week from a strong U.K. inflation update.
Here's a quick recap of noteworthy events that took place in the FX market this past week!
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Is USD/CHF a Buy or Sell? 🤔
MarketMilk's Buy or Sell Tool rates it as bearish but also... oversold. Is this pair now on its way back up?
Explore this handy tool
In terms of trading volume, the forex market is the largest market in the world, with an average daily trading volume of $5.1 trillion.
The forex market is open 24 hours, 5.5 days a week from late Sunday to Friday. It opens Sunday at 5:00 pm ET and closes Friday at 5:00 pm ET.
Trading begins with the opening of the market in New Zealand. And continues as more financial centers open: Sydney, Singapore, Hong Kong, Tokyo. Zurich, Frankfurt, Paris, London, and finally, New York City.
It’s not enough to verify a broker’s regulatory status, you need to know which regulatory agency it is registered with and whether the jurisdiction that the regulatory agency oversees covers the country where you live!
It’s tempting to slap on as many indicators as you can fit in your chart but you must only pay attention to the ones that can help you trade a TREND.
This means using trend indicators like moving averages to see the overall direction of prices, or momentum indicators like ADX and CCI to check if a trend is exhausted or is just getting started.
Rumors of a potential end to zero-COVID in China and a strong jobs update from New Zealand easily took the Kiwi to the top spot among the FX majors.
The biggest appeal that forex trading offers is the ability to trade on margin.
But for many forex traders, “margin” is a foreign concept and one that is often misunderstood.
By forcing yourself to identify the emotions you felt when you made bad trading decisions, you might be able to see negative behavioral patterns and take actions to correct it.
Loonie bulls just can’t seem to catch a break!
CAD/JPY is retreating from its triangle resistance and is forming a reversal pattern, too. Check out these bearish signals on the 4-hour chart.
Bitcoin (BTC/USD) is nearing the end of a consolidation pattern while NZD/USD juuust broke below a trend support.
Will we see breakouts in the next trading sessions?
Here's a look at tomorrow's high impact economic events! You can also see low and medium impact events in our economic calendar
One thing to remember is that support and resistance levels are not exact numbers.
Often times you will see a support or resistance level that appears broken, but soon after find out that the market was just testing it.
If you’ve been trading for a while now, this is probably something you can answer. And if you’re just starting to learn how to trade, the answers might be something you want to pay attention to!
So the FOMC event pushed the dollar higher yesterday.
Will this week’s U.S. non-farm payrolls (NFP) reports seal the deal for a positive week for USD?
Here are points to know if you’re planning on trading the event 👇
The pound sinks today thanks to Bank of England's dovish remarks and recession warning.
Here's a look at MarketMilk's GBP watchlist today. This is using the normalized base currency view (1D time interval) for easier visualization into how the pound performed today.
ICYMI, the FTSE 100 index recently broke through its double bottom neckline! We're seeing signs of a pullback and an opportunity for more buyers to join the rally.
What is a distributed ledger? The first step to understanding how Bitcoin works is to become familiar with the concept of a “distributed ledger”.
Did you know that pivot points can also help you determine whether traders are more inclined to buy or sell a currency pair?
Does a negative balance automatically mean that you suck as a trader? How many trades do you think are needed before you HAVE to show profits? Should you panic when you’re on a losing streak?
All eyes were on the Fed today as traders waited for their release of the FOMC statement and the live press conference afterward. See how the FX market reacted.
Forum member ponponwei writes, "For you personally, which are you more bothered by? Exiting early and missing out on a huge potential to make money or losing it?"
Will the BOE finally step up their game and hike rates by 0.75% this week? Or will they stick to their cautious pace? Here’s what happened in their September policy decision and what’s expected this time.
Here's a look at today's strongest and weakest currency pairs. MarketMilk™ settings used: 1D time interval, real time price stream.
Ready for some dollar trading? We have trend pullback opportunities on these two pairs! We're looking at EUR/USD's 4-hour chart and GBP/USD's daily chart. Check it!
Feeling gutsy enough to trade the FOMC? Check out this potential breakout we're watching on USD/JPY.
Heads up, gold bugs!
We're seeing a classic chart pattern forming on the short-term chart of the precious metal.
Think it’s about to bust out soon?
Did you know that you can also check the Overbought/Oversold rating for commodities using MarketMilk™? Here's a look at NGAS:
U.S. crude oil prices look ready for a strong November! Who else is looking at this reversal in the making?