Trade Ideas & Chart Analysis Disclaimer: The below analysis should not be considered as considered financial advice or a recommendation to trade or invest in any financial product. Your individual circumstances and risk allowance have not been taken into consideration and are thus not reflected in the below analysis. The below is for educational purposes only. Read our full Risk warning and disclaimer here.
Analysis for 15th to 19th February
All scenarios are based on 'IF/THEN' scenarios that the Bindal FX traders map out and use whether it be on swing trades shown below, or intraday trades used in the Bindal FX LIVE room every day. If the price does not map out to the plan, we simply move on and look for a new opportunity rather than trying to 'manufacture' a position - to learn more about how to join our LIVE Trading Broadcasts and LIVE Trading Webinars email email@example.com
Broker - The Bindal FX team primarily trade with the same broker - they are highly reputable and have excellent competitive spreads with lightning-fast execution. Having a good broker with tight spreads is crucial to successful trading. To find out if they are more competitive than your current broker, or to open a live or demo account, you can learn more about them here.
Key Resistance: 1.5440
Key Support: 1.5380; 1.5320; 1.5270
EURCAD - This is a very simple play that is currently setting up. With the first week of February saw a sharp sell off, last week EURCAD spent consolidating with a gradual pullback to the 50% level, putting in a double top. On a clear break of the support, we'll be looking for a short on the 123 pullback. Longs will only come into play if we get a break of Key Resistance and a pullback retest holding above Green Pivot.
FX Pair: NZDUSD
Key Resistance: 0.7250
Key Support: 0.7180
NZDUSD - spent Q4 of 2020 in a big bull run, and since the turn of the year has been largely consolidating/flagging. It looks like potentially we have had a break out this last week, so we are looking for a clear confirmation of support holding with a 123 above the Bindal Green Pivot, and if this sets up we'll be looking to get in long for another push higher.
Free E-book and newsletter sign up - www.bindalfx.com/ebook.php
Sign up for our free e-book and automatically receive our Weekly Trade Idea's Newsletter
Follow us on social media for more trading insights and free education material
Facebook, Twitter, Linkedin, YouTube and Instagram