Swing Trading ideas - page 48

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USDJPY is testing the resistance of the falling trend line on the 4-hour chart. A clear break of the trend line resistance would indicate that the downside movement from 108.16 had completed at 106.64 already, then another rise towards 108.50 could be seen. However, as long as the trend line resistance holds, the downside movement could be expected to resume and further decline towards 106.00 is still possible.
 
GBPUSD extended its downside movement from 1.2669 to as low as 1.2479. Further decline is still possible and next target would be at 1.2400 area. Near term resistance is at 1.2600, a break of this level could trigger another rise towards 1.2800.
 
EURUSD extended its upside movement from 1.1184 to as high as 1.1423. As long as the price is above the rising trend line on the 4-hour chart, the upside movement could be expected to continue and next target would be at 1.1500 area. Near term support is at 1.1355, a breakdown below this level could bring the price back towards the trend line.
 
Expecting strength  in DXY in coming weeks. all majors will remain active.
 
AUDUSD extended its upside movement from 0.5507 to as high as 0.7275. Further rise is still possible next week and next target would be at 0.7500 area. Near term support is at 0.7060, a breakdown below this level could bring the price back towards 0.6800.
 
The AUDUSD trended lower as stocks headed lower into the NY session. There were also concerns in the Asian market that Hong Kong would impose lockdown restrictions as a result of covid outbreak.
 
The GBPUSD is currently near the lows of the past three months. The most attention should be paid to the dynamics of the Pound to 1.3660 area, near the 200-day moving average and the correction level of 61.8% from the rally from September to May passes. A sharp drop below these levels would open the way for a drop to 1.30 by the end of the year.
 
Should a beginner start swing trading, and which currency pair is suitable for swing trading?
 
Swing trading is good for beginners and even for experinced traders.

You can trade almost all major pairs
 
DAILY MARKET OUTLOOK on Major
Update Time: 13 July 2021 09:30GMT

USD/JPY - 110.33
Dollar's rally from last Thursday's 3-week trough at 109.54 to 110.27 in European morning today suggests first leg of correction from July's 15-month peak at 111.65 has ended and intra-day cross-inspired retreat in tandem with U.S. yields would bring consolidation before prospect of another rise, loss of upward momentum should cap price below res at 110.81.

Only a daily close below 109.86 signals recovery is over and extends said decline towards next daily chart objective at 109.20.

Data to be released on Tuesday :
U.K. BRC retail sales, Germany CPI, HICP, Swiss producer/import price, France CPI.
U.S. CPI, redbook and Federal budget.
1...41424344454647484950515253545556
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