EUR/USD has declined for a third straight day

 

EUR/USD has declined for a third straight day on Wednesday. Currently, the pair is trading at 1.1142, down 0.10% on the day. German banks are closed for Ascension Day, and there are no eurozone or German events. It’s a busy day in the U.S., highlighted by second estimate GDP, with an estimate of 3.1%. Unemployment claims is expected to rise to 216 thousand. On Friday, Germany and the U.S. both release inflation and consumer spending data. The slowdown which has gripped the eurozone has also dampened growth in Germany, but the labor market has performed well and remained a bright spot. However, there was negative news in April, as unemployment rolls ballooned by 60 thousand in May, surprising the markets. The indicator has recorded consecutive declines for almost two years, and the estimate stood at -8 thousand. The unemployment rate edged up to 5.0% in May, up from 4.9% in April. The Federal Labor Agency said that the weak numbers indicate “a weakening economy on unemployment”. Trade tensions have hurt the German manufacturing and export sectors, but a tight labor market has boosted consumer spending, a key driver of economic growth. •1.1120 is under pressure in support •1.1212 is the next resistance line • Current range: 1.1120 to 1.1212 Scalping Strategy Course (DVD + Online)

GBP/USD 5.29

After starting the week with slight losses, GBP/USD has paused in the Wednesday session. Currently, GBP/USD is trading at 1.2650, down 0.02% on the day. On the release front, there are no British events. In the U.S., the sole event is the Richmond Manufacturing Index, which is projected to climb to 6 points. On Thursday, the U.S. releases Preliminary GDP and unemployment claims.
Inflation in the U.K. has been moving higher. Consumer inflation pushed above the 2% level in April, with a gain of 2.1%. This marked a 4-month high. The upward trend has continued with shop price inflation, which accelerated to 0.8% in May, up from 0.4% in the previous release.
The U.S. consumer remains very optimistic about the economy, according to the latest CB consumer confidence index. The index jumped to 134.1 in May, up from 129.2 in the April release. This score easily beat the estimate of 130.1 and is close to 18-year highs. Retail sales were soft in April, but the sharp improvement in consumer confidence has raised hopes that retail sales data will improve in May.
•1.2615 is providing support
•1.2723 is the next resistance line
•Current range: 1.2615 to 1.2723
It is getting ugly out there and despite a backdrop of geopolitical risks that could squeeze supplies, the latest trade war threats from China could cripple global growth and thus take down oil prices.  West Texas Intermediate crude is down 2.1% off its worse levels, while Brent’s decline is closer to 1.6% as no end appears in sight for the trade war.  Crude is falling through key support levels and is quickly erasing the effects of the OPEC + production cuts. WTI’s end of year rally to mid-April has seen price give back roughly 40% of those gains.

USD/JPY 5/29

The US dollar is stronger this morning, although not markedly so. This follows on from a modestly stronger performance overnight, notably against the euro (EUR) and the sterling (GBP) both of which are suffering in the aftermath of the European elections and Italian budget woes.

Regional currencies are holding their own for now, but the sentiment remains fragile, and it will not take a lot for investors to hit the exit button on emerging markets and therefore many of the Asian regional currencies.

In Japan, the USD/JPY fell as investors bought yen on safe-haven flows, leaving the cross at 109.40. Strong technical support lies at 109.00 with any negative pronouncements from Trump or escalations on the trade front possibly setting off a test of this level. A daily close below 109.00 implies a deeper correction to USD/JPY is imminent.

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charts Fibonacci

Fib Price Retracement Lines with the extensions turned on. You need to be aware of is that there are about as many rules methods for drawing in fibonacci as there are traders out there talking about them! Many traders and analysts disregard fibs entirely, as there are many traders who keep redoing in their fibs until the chart shows them what they want to see. By redrawing I mean choosing different highs and lows to measure until magically, the fibonacci line up with the trader's analysis.
While this complaint is valid, knowing that fibs indicator are only another indicator of many and that nothing works perfectly every time can give a trader enough confidence to use them effectively. There are many retail trading platforms that don't give data for more than ten or twenty years back in time. When you see the AUD/USD at all-time highs on your platform  only able to see back to 1990 , be aware that this pair has traded much higher than now back in the 1980's. In this case, using Fib extensions can be very helpful.

How to learn to be a successful Forex trader

How to learn to be a successful stock, forex , trader with a solid trading plan.
Learning to trade the investment markets you need to have skill and knowledge. The successful traders have learned how to trade and cut their trading losses. Here are some ideas on how to learn to trade the stock, futures, forex markets.

You need to learn from the ground up. You need to educate yourself about what forex market you want to invest in. You need to learn that in trading you will have losses, trading is risky that's why you need to educate yourself. The more you learn about investing the more confidence you will have when you place a trade. To make money trading you need have your own trading strategy and have your own profit and loss objectives. You must developed this yourself from trial and error.

You need to learn to be flexible in your stock trading style,not everything in a trade is cut and dried. When you place a forex  trade from your own research you will be more successful. Take your time this is one of the secrets to profitable trading,don't be in a hurry just to place a trade out of boredom. Make sure to study the markets ,forex or stocks.Try paper trading first to get confidence in an investment trading strategy. This will make you confidant when you start to use real money to trade with. Scalping Strategy Course (DVD + Online)   You need to developed a money management system that works for you. A plan of how much to put back into your account and how much to take out. This should be in percentages not dollar amounts. Most experienced traders try and profit 2% a day on the amount at risk in a trade. Make sure you set your targets and stops for each trade. Do not let your losses effect your confidence its part of any trading learning experience.

EUR/USD has paused on Friday

EUR/USD has paused on Friday, after gaining ground on Thursday. Currently, the pair is trading at 1.1193, up 0.10% on the day. There are no German or eurozone events on the schedule. Today’s highlight is U.S. durable goods orders, with the markets braced for soft numbers. Durable goods orders is expected to decline 2.0% in April, after a strong gain of 2.7% in March. The core reading is expected to slow to 0.1%, down from 0.4% in the previous release. It’s Day 2 of the EU election, with results to be published on Sunday night, after all EU members have voted. How To Trade Forex Using Support and Resistance Levels It’s been a quiet month of May for EUR/USD. The currency posted a modest gain of 0.28% on Thursday, the strongest move in either direction this month. Friday could be a quiet day, unless durable goods reports yield unexpected results. The euro managed to scratch gains despite weak German numbers. Manufacturing PMI dropped to 44.3 in April, marking a fifth straight contraction. Services PMIs continue to point to expansion, but the April score fell to 55.0, down from 55.6 a month earlier. There is also concern about business confidence, as Ifo Business Climate slowed to 97.9, shy of the estimate of 99.2. This was the weakest score since January 2010. Germany and the eurozone are gripped in a slowdown, and this has dampened business confidence.

Euro-skeptics

This week’s election for the European parliament could have significance for the Brexit negotiations. Starting on Thursday, voters in the 28 EU countries (including the U.K.) will elect lawmakers to the European parliament. Key issues included the economic slowdown, Brexit and the rise in Euroskpeticism. Euro-skeptics increased their representation in parliament from 12% to 25% in the last election, and with the dramatic increase in strength of populist parties, this trend could well continue. The Brexit party, headed by Nigel Farage, is expected to do well, while the Conservatives could be trounced, adding to Prime Minister May’s woes. There have been rumors swirling about May being forced out in the next few days or weeks, and the government has delayed the withdrawal bill, which was scheduled to be voted on in parliament on June 4.

USD/JPY 5/22

USD/JPY has posted slight losses on Wednesday. In the North American session, the pair is trading at 110.29, down 0.18% on the day. In economic news, Japan released strong numbers. Core Machinery Orders climbed 3.8%, crushing the estimate of o.0%. This marked a 5-month high. Japan’s trade deficit narrowed to JPY 11.0 trillion, beating the estimate of JPY 12.0 trillion. In the U.S. today’s highlight is the minutes of the Federal Reserve’s policy meeting earlier this month. On Thursday, the U.S. releases unemployment claims.

British pound 5/22

The British pound fell against the euro and U.S. dollar as concerns grew that the U.K. has little ability to pass a Brexit plan that would govern its exit from the European Union.
The pound traded 0.3% lower against both the dollar and the euro at a recent $1.2661 and 0.8811 a pound, respectively. The WSJ Dollar Index, which measures the U.S. currency against a basket of 16 others, rose by less than 0.1% to a recent 91.28.
Investors are betting that British Prime Minister Theresa May's most recent plan to get Parliament to back her Brexit divorce package is unlikely to succeed, said Erik Nelson, a currency strategist at Wells Fargo Securities.
Ms. May is caught between hard-line Conservative Party members who want better terms than she has been able to wrangle from the EU, and European officials who are unwilling to soften their terms. Part of Ms. May's proposal Tuesday -- her fourth -- includes the potential for a second Brexit referendum and other concessions to entice opposition lawmakers to ratify the deal.

GBP/USD

GBP/USD has edged lower on Tuesday. Currently, the pair is trading at 1.2694, down 0.23% on the day. On the release front, Mark Carney’s testimony on inflation before a parliamentary committee has been cancelled. British CBI Industrial Order Expectations slipped to -10, weaker than the estimate of -6. This marked the lowest score since November, as manufacturing orders continue to decline. In the U.S., existing home sales is projected to climb sharply to 5.35 million.

Canadian Dollar Lower 5/20

Canadian Dollar Lower Despite Reaching Metal Tariffs Agreement With US
The Canadian dollar lost 0.22 percent this week. The loonie had a volatile five days as the US decision to reach an agreement on aluminium and steel tariffs was a positive for the currency alongside rising oil prices. Negatives came in the form of global trade and growth uncertainty. Escalation of rhetoric if not tariffs from both sides are reducing optimism that before the G20 meeting next month the two biggest economies can hammer out a deal.
Next week’s economic calendar in Canada will be low on events. Retail sales data on Wednesday, May 22 is the most relevant, with a 0.8 percent gain expected. Canadian data has been mixed with the employment report giving a huge boost to the loonie that will probably not be repeated in the short term.

A successful forex trader

 If the news is bad the sellers will start to sell and produce red candles on your charts.
  A successful forex trader will keep informed on each pairs economic news and various reports that can effect the pairs trading range. All these factors need to be taking into consideration to make money in the forex markets. You need to understand how the currency pairs react to news. This will help you preserve your trading capitol and make you profitable. It is well know that the fx markets trade 24 hours a day. You need to stick with a few pairs and get to understand how they move and trend with different news releases. You should check to see what time of day has the most volume since the markets are 24 hours.
 

How To Trade Forex Using Support and Resistance Levels

AUD/USD continues to lose ground this week

AUD/USD continues to lose ground this week. Currently, the pair is trading at 0.6878, down 0.21% on the day. On the release front, it’s a light day. There are no Australian releases and only one major event in the U.S. The UoM Consumer Sentiment is expected to rise to 97.8. It’s been a rough week for the Aussie, which has fallen 1.75% this week. This is the sharpest weekly drop since early February. The currency has been hit hard, as risk appetite has soured over the escalating trade war between the U.S. and China. The U.S. raised tariffs on $200 billion in Chinese goods late last week, and the Chinese responded this week with tariffs on $60 billion in U.S. products. On Thursday, China accused the U.S. of manipulating the talks, after the U.S. blacklisted Huawei, a Chinese telecom company. As well, an escalation in tensions between the U.S and Iran, which could lead to an interruption in oil shipments, has raised crude prices and sent equity markets sharply lower on Friday. Coach's Corner Premium is an interactive training service designed to help Forex traders attain Forex trading mastery via video courses, daily analysis videos, weekly webinars and interaction with mentors and other traders. Australians head to the polls on Friday in a very tight race between the center-right Liberals and the left-leaning Labor. After years of a booming economy, Australia has been gripped by a slowdown, as the global trade war and a weaker Chinese economy has damaged the export-reliant Australian economy. The markets are hopeful that the winner will be able to form a majority government that will be able to serve a full term. A close finish between the parties could result in a minority government, and the resulting uncertainty could dampen sentiment towards the struggling Australian dollar.

EUR/USD continues to have an uneventful week

EUR/USD continues to have an uneventful week. Currently, the pair is trading at 1.1212, up 0.08% on the day. On the release front, the eurozone trade surplus narrowed to EUR 17.9 billion in March, down from 19.5 billion a month earlier. This was well short of the estimate of EUR 19.0 billion. It’s a busy day in the U.S., with the release of building permits, unemployment claims and the Philly Fed Manufacturing Index. On Wednesday, the eurozone releases consumer spending reports, while the U.S. posts UoM Consumer Sentiment.
The eurozone economy has been struggling, and even the German locomotive has shown signs of weakness. The manufacturing sectors have been hit particularly hard, as the global trade war has dampened the appetite for German and European exports. The U.S. and China have been holding talks to diffuse trade tensions, but President Trump slapped new tariffs on Chinese products, with China quick to respond with counter-tariffs. Investors are worried if the trade war escalates, Trump could target European cars made in China, which would hurt the massive German auto sector. This has led to sharp losses for German automaker listings on the DAX, which include BMW, Daimler and Volkswagen. On Wednesday, the U.S. announced a 6-month moratorium on tariffs on European and Japanese vehicles, but investors will likely remain nervous that the U.S. could impose further trade sanctions against China.
EUR/USD posted slight gains in the Asian session and is showing limited movement in European trade
•1.1120 is providing support
•1.1212 is fluid. It is under pressure in resistance
•Current range: 1.1120 to 1.1212

reading charts, stock and forex traders

 In reading charts, stock and forex traders are watching for the best entry and exit points. You need to watch for patterns that can predict which way the trade is going to go so we can make money on our trades. New traders will stay in a trade after the markets have moved against them. This is caused by their lack of education and chasing losing trades. Without knowledge of how the markets work or a reason why they entered the trade. The herd mentality causes them to follow and keep adding to their positions instead of closing out the trade.
The most powerful patterns for Forex traders  you need to learn chart patterns and watch the volume that is coming into a trade to either buy or sell your position. If the chart is showing green candles and you are in a profit you should sell into the buyers. This is how the profitable traders make their money. They do not hold a trade to long looking for more profits. The losing trader believes that the buy and hold strategy is best and their market losses will eventually rebound. Smart traders look for positive chart patterns to make their trades.

German Preliminary GDP

The U.S. will release consumer spending reports for July, with the markets braced for weaker numbers. Retail sales is projected slow to 0.2%, down from 1.6% in the previous release. Core retail sales is projected to drop to 0.7%, compared to 1.2% in March. On Thursday, the eurozone releases trade balance, while the U.S. posts building permits, unemployment claims and the Philly Fed Manufacturing Index.
There was positive news from first-quarter GDP data in the eurozone. German Preliminary GDP improved to 0.4%, after a flat zero reading in the third quarter. In the eurozone, Flash GDP also climbed to 0.4%, up from 0.2% in Q1. Is the economic slowdown over in the eurozone? It’s too early to tell, but if key indicators follow suit and head upwards, sentiment towards the eurozone will improve and likely boost the euro.

Gold futures

Trading futures contracts is widely considered the most direct means of obtaining trades to your gold futures. Among the most popular futures are gold contracts, as traders have adopted these securities for a number of reasons. Gold futures and options are highly liquid as they are among the most actively traded futures in the world. Gold's appeal is also from the fact that it is a popular speculative instrument used to make bets on the overall economy and recovery efforts. Trading gold futures may be a bit difficult given the wide variety of choices that traders have.

Professional Techniques For Short-Term Currency Trading

GBP/USD continues to lose ground this week 5/14

GBP/USD continues to lose ground this week. In the North American session, the pair is trading at 1.2917, down 0.32% on the day. On the release front, the U.K. released key employment numbers. Wage growth slowed to 3.2% in March, down from 3.5% a month earlier. This missed the estimate of 3.4% and was the lowest gain since September. The unemployment rate sparkled in March, dropping to 3.8%. This beat the estimate of 3.9%. Unemployment claims fell to 24.7 thousand in April, down from 28.3 thousand in March. Still, this was above the forecast of 24.2 thousand. There are no major U.S. events on the schedule. The U.S. will post retail sales and the Empire State manufacturing index. Scalping Strategy Course (DVD + Online) The pound continues to stumble, as nervous investors are snapping up the safe-haven greenback due to rising trade tensions between the U.S. and China. On Friday, the U.S. raised tariffs on $200 billion in Chinese goods, from 10% to 25%. The move was announced a week ago, triggering sharp declines in the equity markets. The Chinese response was vigorous, with Bejing announcing on Monday that it would slap tariffs on $60 billion of U.S products. Despite the rise in tensions between China and the U.S., the new tariffs do not take effect immediately. The U.S. tariffs do not apply to Chinese goods that are in transit, and the shipping of goods across the Pacific can take up to three weeks. The Chinese tariffs do not kick in until June. This hiatus gives negotiators some breathing room before the tariffs take effect. GBP/USD was mostly flat in the Asian session. The pair posted slight losses in European trade but recovered. The pair has edged lower early in the North American session •1.2910 is a weak support level. It could be tested in the North American session •1.3000 is the next resistance line •Current range: 1.2910 to 1.3000

Gold prices are 0.19 percent higher on Friday

Gold prices are 0.19 percent higher on Friday as safe haven flows are pouring into the yellow metal amidst US-China trade negotiation uncertainty. Investors looking for safety as stocks are trading under pressure as no details have emerged. The true cost of a full-on trade war is hard to quantify and there is still time to smooth the differences but this time the market might need more than positive comments to once price in a positive outcome.Gold will continue to rise if uncertainty surrounds the nature of the US-China conversations going into the weekend.

indicator divergence

Traders should always try and use the same time frames on their charts everyday to avoid confusing. Pick out four time frames that you are comfortable looking at and stick to them every day for your analysis. When you observe charts over time, you begin to get very familiar about trading. You should on the same time periods each day. This will give you a better feel for the indicator divergence at these chart points. Price trends in one direction or the other until it meets with excess supply or demand counter to the current trend. The price starts to slow down and sometimes traders cannot see it with the naked eye. This is where using a technical indicator like the CCI. These indicators are designed to see the price slowing down at these turning points and when used correctly, can lead to some trade setups.

trading the forex markets

If you are new to trading the forex markets you don't need a great deal of money to start. Many fx brokers will let you start trading with a small deposit. You can leverage your money up to 200 to 1 which can be dangerous at that high of leverage you could wipe out your account on one bad trade. It's better to start out with 50 to 1 it is much safer until you to become a knowledgeable trader. Compared to the equities markets where you need large amounts of trading capitol to start trading.
  There are many types of news releases in the forex so movement of the different currency pairs happens daily. The fx market will offer more directional trading. Once you learn to recognize the trends. You need to learn to use technical chart analysis which will show you which way the trend is moving and make more profitable trades. Another great advantage is that you can invest in a forex newsletter which will remove most of the risk on your trades.

The most powerful patterns for Forex traders

NZD/JPY trading charts

	Symbol : NZDJPY

Direction : Identified time : 2019-05-10 11:01 EDT Breakout price : 72.283 Forecast price : 72.06515 Forecast pips : -22 Probability : 59.12 %

Pattern : Triangle Interval : 60 Min Pattern : Triangle Interval : 30 Min Pattern : Triangle Interval : 15 Min Pattern : Support Interval : 30 Min Pattern : Support Interval : 30 Min

EUR/USD charts

Direction : Identified time : 2019-05-09 12:00 EDT Breakout price : 1.12271 Forecast price : 1.12495 Forecast pips : 22 Probability : 58.96 %

Pattern : Triangle Interval : 240 Min Pattern : Resistance Interval : 240 Min

EUR/USD 5/11

EUR/USD continues to drift, as the pair is unchanged this week. Currently, the pair is trading at 1.1189, down 0.03% on the day. On the release front, there are no German or eurozone events. The U.S. releases PPI and Core PPI, both of which are expected to slow to 0.2%. Unemployment claims are forecast to drop sharply to 215 thousand, after a reading of 230 thousand in the previous release. As well, Federal Reserve Chair Jerome Powell speaks at an event in Washington. On Friday, Germany releases trade balance and the U.S. posts consumer inflation reports.

AUD/USD has ticked higher in the Wednesday

AUD/USD has ticked higher in the Wednesday session. Currently, the pair is trading at 0.7003, up 0.08% on the day. On the fundamentals front, there are no Australian releases. China posted a trade surplus of 94 billion yuan ($13.8 billion), in April, well short of the forecast of 235 billion yuan ($33.7 billion). On Wednesday, Chinese CPI is projected to improve to 2.5% in April. In the U.S., there are no key events until Thursday, with the release of producer price index reports and unemployment claims. The RBA issues its monetary policy statement, which is released quarterly.
The trade war between the U.S. and China has taken a heavy toll on the Chinese economy. China’s trade surplus fell sharply in April, dropping from 221 billion yuan to 94 billion ($32.6 billion to $13.8 billion). As well, Chinese exports declined 2.7% in April, on a year-to year basis. This was a sharper drop than the estimate of a 2.3% decline. A slowdown in China has damaged the Australian economy, as China is Australia’s number one trading partner.

AUD/USD posted gains close to 1.0% on Tuesday

AUD/USD posted gains close to 1.0% on Tuesday, but has given up most of these gains. The sharp rise was in response to the unexpected decision by the Reserve Bank of Australia to hold rates at 1.50%. Other Australian releases were also positive. Retail sales slowed to 0.3%, beating the estimate of 0.2%. The trade surplus increased to A$4.95 billion, above the forecast of A$4.49 billion. In the U.S., there were no major events. JOLTS Job Openings improved to 7.49 million, beating the estimate of 7.35 million.
The RBA held the course on Tuesday, surprising the markets, which had expected the bank to cut rates to 1.25%. The markets had priced in a rate cut at close to 50%, so the decision to hold rates helped boost the Aussie in the Asian session. However, AUD/USD was unable to consolidate and gave up most of these gains in European trade. The Australian economy has been damaged by the economic slowdown in China, which is Australia’s largest trading partner. Inflation fell to 0.0% in the fourth quarter, its lowest level in three years. This weak release raised speculation of a rate cut, but the RBA continues its wait-and-see stance, hopeful that the economy will find its feet without the help of a rate cut.
•0.6970 is a weak support level.
•0.7085 is the next resistance line
•Current range: 0.6970 to 0.7085

Australian and New Zealand dollars

The Australian and New Zealand dollars have started the week lower amid renewed US-China trade tensions, after President Trump said the current 10% tariff imposed on $200 billion of Chinese imports will lift to 25% on Friday. The yen has lifted in response. In July 2018, the US imposed a 25% tariff on $50 billion of imports from China. In September, the U.S. imposed an additional tariff of 10% on a further $200 billion of Chinese imports. The tariff on the latter $200 billion was set to lift to 25% on Jan. 1, but the increase was delayed until March 1 and then delayed again because talks were progressing. The threatened increase from this week poses a fresh threat to global growth and hopes of a rebound in the second half of 2019. Professional Techniques For Short-Term Currency Trading

Risk Management is protecting gains

Risk Management is protecting gains on your FX trades. You need to know what your exit strategy is, this is an element of risk management. When a forex trade is in the money, the Forex trader need to manage the money with correct stop loss orders. The worst thing a the trader can do is allow a profitable position to reverse and become a losing position. When looking at any system for use in your currency trading, you must ensure that your risk management is in place on your currency trades. If risk management is not present then you are at risk to keep having losing trades.

 Many new Forex traders make simple trading mistakes. Traders will take too large of a position and expose their accounts to serious and big losses should the pairs move against them. Traders also fail to protect the money in their trading account by allowing a large trade to put their trading account balance at risk. Risk management should involve the maximum risk with the least amount of account exposed to loss.

The most powerful patterns for Forex traders

EUR/USD 5/3

EUR/USD is pointing lower for a third straight day. Currently the pair is trading at 1.1156, down 0.15% on the day. On the release front, eurozone CPI Flash Estimate improved to 1.7% in April, up from 1.4% a month earlier. The core release climbed to 1.2%, compared to 0.8% in March. Both indicators beat their estimates. In the U.S., the focus is on employment numbers. Nonfarm payrolls is expected to slow to 181 thousand. Will we see a repeat performance of the ADP release, which also was expected in at 181 thousand but soared to 275 thousand? Wage growth is expected to climb to 0.3% in April, after a negligible gain of 0.1% a month earlier.
Eurozone inflation is expected to climb to 1.7% in April, marking a 5-month high. The stronger reading is a reflection of higher oil prices, which has pushed prices higher. Inflation is moving closer to the ECB target of close to 2 percent, and if the upward trend continues, ECB rate-setters will have to give some thought to raising interest rate levels. The bank recently announced that no rate hikes were planned before the spring of 2020, and this dovish stance makes the euro less attractive to investors.
EUR/USD was flat in the Asian session and is slightly lower in European trade
•1.1120 is providing support
•1.1212 is the next line of resistance
•Current range: 1.1120 to 1.1212

Sterling turns lower 5/2

Sterling turns lower after a Bank of England interest rate announcement, quickly retracing a brief rise immediately after the decision. The BOE voted 9-0 to hold interest rates at 0.75%, as expected. It said it sees gradual, limited rises in the key interest rate over the coming years and that rate rises may be larger than the market expects. The BOE raised its 2019 GDP forecast to 1.5% from 1.2%, though it said its forecasts were based on assumptions of a smooth Brexit. GBP/USD is last down 0.1% at 1.3040, having traded at around 1.3054. EUR/GBP rises to 0.8595, up 0.2% from around 0.8581 beforehand.

The most powerful patterns for Forex traders

candle stick chart

If you are using a candle stick chart you will see how the candle turns green as buyers enter the market. The same is true when you see a red candle that means sellers are selling the currency pair. If the news is bad the sellers will start to sell and produce red candles on your charts.
  A successful forex trader will keep informed on each pairs economic news and various reports that can effect the pairs trading range. All these factors need to be taking into consideration to make money in the forex markets.

The most powerful patterns for Forex traders

Forex traders need to learn charting

 Forex traders need to learn charting and technical analysis, most active traders use indicators. Many FX traders have often beat up the indicators instead of using them properly to make trades. The problem is that new traders tend to take every buy and sell signal an indicator shows, and this is the last thing you want to be doing. You need to incorporate chart settings and watch the trend.  The key for the trader is to use them in conjunction with proper trend analysis. One of the benefits in learning indicators and oscillators the correct way is that the charts help you to trade with less risk.

EUR/USD continues to climb this week

EUR/USD continues to climb this week, as the pair has gained close to 1.0 percent. Currently, the pair is trading at 1.1236, up 0.18%. The pair is currently at its highest level since April 23. German banks are closed for the May Day holiday, so the pair is unlikely to show much movement on Wednesday. In economic news, there are no German or eurozone events. In the U.S., all eyes are on the Federal Reserve, which releases its rate statement. The U.S. will release ADP nonfarm payrolls, which is expected to jump to 181 thousand, after a weak reading of 129 thousand in the previous release. As well, the ISM Manufacturing PMI is expected to drop to 55.0 points. On Thursday, Germany releases manufacturing PMI and retail sales, while the U.S. posts unemployment claims.