Is This a False Signal?

The double bottom pattern that formed on the daily EUR/USD time-frame proved to be valid after the pair started moving to the upside, pushed by the announcement that the US Federal Funds rate will remain unchanged for now. 

The pair climbed with 160 pips for the past two days and eventually bounced off the resistance at 1.1120, forming a shooting start candlestick on the daily time-frame. That candlestick might prove to be a false signal however, because EUR/USD is once again testing the resistance at 1.1120. Should it succeed in breaking above that level I expect a further move to the upside towards 1.1160, which is (MA)89 on the same time-frame, and a breakout above that will likely lead to another climb to 1.1200.

ActivTrades Tools - SmartLines & SmartOrder

The competitive online broker ActivTrades is organizing a webinar focusing on a pair of its incredibly useful trading tools called SmartLines and SmartOrder.

SmartLines is a state-of-the-art, yet easy-to-use, application for MetaTrader 4/5 enabling automated execution in the chart based on pre-defined Trendlines. SmartOrder is an application developed by ActivTrades, which enhances the functions of the MetaTrader 4 and 5 platforms in order to increase your trading speed and improve the process of managing your positions.

This webinar will be led by professional trader Paul Wallace and it will be held today, 28^th July, between 7pm – 8pm. 

Do not miss this excellent opportunity to learn something very useful! 

For more information and to register for the webinar follow this link.

Gold Is Still Testing the Support at $1,312

Ever since Gold formed its double top on the four-hour time-frame and then the hanging man candlestick on the daily time-frame below the resistance at $1,375 it has been moving to the downside, but in the past week or so it has been forming a very frustrating tight range above that support at $1,312. Thankfully, later today we can expect major fundamentals – namely a FOMC statement and a Federal Funds rate announcement. Such fundamentals are usually what it takes to break a range like this. Depending on the news Gold could break below the support at $1,312, as well as the one at $1,300 and should that happen I expect a further move to the downside towards $1,276, which is (MA)89 on the daily time-frame. 

On the other hand, if Gold starts climbing it will likely test the resistance at $1,337 and if it breaks above that level it could once again reach the previous high at $1,375.