SmartForecast by ActivTrades

I like technical analysis. It is a logical, understandable approach to trading that is easy to learn and practical to apply. The competitive online broker ActivTrades has made the process of analyzing your charts before trading even easier with one of the most advanced technical analysis tools available in MetaTrader4 – SmartForecast. SmartForecast is an essential indicator that automatically calculates both short and long-term resistance and support, provides you with volatility levels and market trends, and most importantly, it also provides you with a price evolution scenario with three targets which change in real time.

What is more, the SmartForecast indicator has an intuitive interface with multiple practical functions, such as market strength, daily market trend and lines of support and resistance.

You can learn more about SmartForecast and request this incredibly useful indicator by clicking here.

Gold Is Falling

Gold was caught in a tight range between $1,360 and $1,330 for over two weeks, but today it finally broke below the aforementioned support at $1,330 and continued moving to the downside. Gold is currently testing the support at $1,223, and a breakout below that level will likely lead to a further drop towards the previous low at $1,310. More importantly, if Gold drops below that level it will probably continue falling towards $1,300, which coincides with (MA)89 on the daily time-frame and is a very serious level of support. 

All that said, I don’t think that we can say for certain yet that the overall bullish trend is over, although we will likely see a more significant retracement before Gold continues moving to the upside.

EUR/USD Is Moving to the Downside

EUR/USD is moving to the downside after it formed a shooting star candlestick on the four-time frame-frame, as well as a shooting star candlestick and a hammer candlestick on the daily time-frame, all below the resistance at 1.1350. The pair broke below the support at 1.1300 – 1.1280 despite the doji candlestick that had formed above those levels of support on the four-hour time frame. Next target is likely 1.1230, which coincides with (MA)89 on the same time-frame, and a possible breakout below that level could lead to a further drop towards the next significant level of support around  1.1200 – 1.1180. We should also keep in mind that on Friday we can likely expect significant volatility due to the speech FED Chair Janet Yellen will give at the Federal Reserve Bank of Kansas City Economic Symposium in Jackson Hole.