We'll be talking about the AUDCHF,which has given Us a clear picture of what we are to expect on this pair, looking at the chart above its all in a form of triangles and angular shape move. Studying the chart properly we can see some chart pattern formed from previous price-action, there are 2 important pattern in this chart that I'm going to explain, the first is a "W" shape pattern I placed a number in this format I , II , III , IV , V and an arrow from "I" till "V", look closely at the placement of each number you'll see a "W" shape in the process of doing so...Ok? what does the W mean? Well that's the market pattern anywhere you see a "W" shape on your chart it means price may go on to the opposite direction be it up or down. And the second pattern is "DOUBLE BOTTOM" looking closely at number II and IV we see only the both numbers hit that support level @ 0.68750 So what wou...
There
are some content I'm going to explain to you all today so you can easily understand their meaning.
So right up with it,the first one is:-
Forex Crosses and Hit Map:-
Forex Crosses as shown in the image above are quotes that shows two currencies each that are not part of the major currency where the exchange or quote are from., thereby by referring to quotes that do not involve the USD Dollars no matter where the quotes are from.
Then the second is Hit Map,
It's a colour coded charts showing the strength or weakness of major currencies relative to the other, the Green signifies great Strength,the Red represents weakness,while the light green represents little strength,and the light red represents great weakness,and the last one like Grey represent an inactive.
Forex Outlook:-
The forex outlook is yet a simple information about the market,because it shows who is much on a currency pair either the Buyers or Sellers,for example EURJPY in the chart we have 34% Sellers going (Short) (RED) and 64% Buyers going (Long) (Green).
with the chart you can where to join either Buyers or Sellers.
Forex Economic Calendar:-
Forex Economic Calendar is a chart of most countries and their performance,depending on their performance it can affect the forex currency pairs either positively or negatively,from the chart above there are different countries flags like for example the AUD (Australian US DOLLAR) the news we are expecting is about RBA.....(QoQ) the 4th news event on the chart.
the next column (Impact) that means the kind of power it's going to have on the currency pair (AUD) if it's:
the next column (Impact) that means the kind of power it's going to have on the currency pair (AUD) if it's:
- Low:- it will have little impact or none
- Med:- it will have a some impact sometimes it's not immediate.
- High:- it will have great power or impacts on the currency pair (AUD)
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