Author: FX

The allure of the foreign exchange market, or Forex, is undeniable. With its 24-hour accessibility and the potential for significant profits, Forex beckons traders of all stripes. However, navigating the dynamic currents of currency exchange requires a well-defined strategy and the right tools. Enter MetaTrader 4 (MT4), a widely popular trading platform, and its arsenal of customizable indicators – your secret weapons for building a winning Forex strategy. Unveiling the Forex Frontier Before diving into the world of MT4 indicators, let’s establish a solid foundation. Forex, in essence, is the trading of currencies against each other. Imagine you have US…

The 3 Bars High Low and High Way Channel Forex Trading Strategy is one such approach that leverages the natural ebb and flow of price movements. By focusing on the patterns formed by three consecutive bars, traders can gain valuable insights into market trends and potential reversals. This strategy harnesses the power of visual cues to create a structured framework for decision-making, making it accessible even for novice traders. At its core, this strategy revolves around identifying the high and low points within three consecutive price bars, which serves as a critical reference for entering and exiting trades. By establishing…

Appearance by Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers at House of Commons Standing Committee on Financefrom 1930 GMT, 1530 Eastern time The Bank of Canada cut rates last week:Bank of Canada rate decision: 50 basis point cut, as expectedBank of Canada is out of touch, “didn’t grasp the challenges facing the Canadian economy”3 reasons the Bank of Canada cut by 50bp points (ditto for the RBNZ)RBC analysts anticipate another 50bp rate cut in December from the Bank of Canada This article was written by Eamonn Sheridan at www.forexlive.com. Source link

The European Central Bank (ECB)  Vice President Luis de Guindos said on Monday that the central bank has made significant progress in bringing down inflation but can’t declare victory just yet, per Bloomberg.   Key quotes Price outlook surrounded by substantial risks Inflation to decline to target next year Domestic inflation remains high though moderating Risks to growth outlook elevated and tilted to the downside.  Market reaction At the time of writing, EUR/USD was up 0.04% on the day at 1.0816.  ECB FAQs The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and…

High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading and seek advice from an independent financial or tax advisor if you have any questions. Advisory warning: FOREXLIVE™ is not an investment advisor, FOREXLIVE™ provides references and…

The tech-heavy Nasdaq 100 ETF (QQQ) finds itself at a critical technical juncture just as tech giants prepare to release earnings! Will strong tech earnings fuel a sustained breakout above the rising wedge, or could any disappointments trigger a pullback to test buyer commitment? Check out these inflection points I’m watching on the 4-hour time frame: Nasdaq 100 ETF (QQQ) 4-hour Chart by TradingView The QQQ has been constructing a well-defined rising wedge pattern since August, with price action now testing a critical technical zone around the previous swing high around $505. This comes at a pivotal time as market…

US Dollar Index falls due to profit-taking, still trades above 104.00. Economists predict 3.0% growth for US Q3 GDP, which might continue favoring the USD. ISM Manufacturing PMI is expected to climb four points to 47.6, while the labor market is expected to show poor results for October. The US Dollar Index (DXY), which measures the value of the USD against a basket of six currencies, declined on Monday. Thisreversed earlier gains amid profit-taking ahead of key economic figures from October to be released later this week. Despite a robust economy, the US Dollar faces headwinds. DXY breached its 200-day…

The USDCAD is consolidating after reaching new highs going back to August 5. In trading today, the high price extended to 1.39057. The low price extended to 1.38813. That’s only a a narrow 24 – 25 trading range. That is well below the month-long trading range of 55 pips. There is room to roam but the market is being confined at the moment.Having said that, there are two support levels that I am watching. The first is at 1.3888. The price has traded above and below that level in trading today but is currently back above. The other level of…

EUR/USD moves higher as investors focus on a slew of economic data from both the US and the Eurozone. The German economy is expected to have contracted by 0.3% in the third quarter on an annual basis, while the Eurozone as a whole is seen growing by 0.8% YoY. Risk-aversion could stay afloat amid uncertainty over the US presidential election. EUR/USD rises slightly above 1.0800 in North American trading hours on Monday. The major currency pair broadly remains sideways ahead of a data-packed week in which traders will get economic growth and inflation data for both the United States (US) and…

The week begins quietly on Monday, with no major economic events scheduled for the FX market. Be mindful of the daylight saving time shift in Europe, which may affect trading schedules. Bank of Canada Governor Tiff Macklem will speak at a fireside chat about the Canadian economy at The Logic Summit in Toronto on Monday. There is no media availability for this event, but he is expected to reiterate his recent public statements. On Tuesday, U.S. economic releases will include the CB consumer confidence index and JOLTS job openings. Wednesday will bring Australia’s inflation data, while in the U.S., releases…