From Investor to Scalper – series of studies created in cooperation with broker BDSwiss, in which we take a financial instrument and the analysis includes a detailed look at the value from the monthly chart and ending with H4/H1.
On monthly chart we see that although market is moving from the very beginning in a consolidation, we are still able to mark a gentle downward channel that determines the southward movement.
Looking at weekly chart, we will notice that at the end of February this year market has already broken down the downtrend line, and as a result of later gains broke also local resistance zone (now support) at 1.5680.
On daily chart, we will see declines as a result of supply reaction. If this trend continues, we might even be able to re-test local support that coincides precisely with the 70.7% Fibonacci correction.
Looking at the H4/H1 charts, we notice that yesterday market has already beaten local support of 1.6020 setting a bearish sequence of lower lows. If in near future we would also be able to overcome the upward trend line that we are currently testing, we could expect further declines.
BDSwiss offers its customers a sophisticated and reliable tool to invest in the market CFD/Forex. Especially novices can result in the safe introduction into the world of financial investments. The educational program of seminars and live comments market traders meet the expectations of those who want to learn how to invest successfully, which is building a great partnership between BDSwiss and its customers.