where is support in this weekly chart ? I am not able to find it.
can you please tell the approx level ?
I would agree with Jadd, support at 567.
On the way up price broke through 567 resistance which then
changed it to support since then there has been no real contenders for
support.Resistance is at the top of the range, 648???
We can see that price has tested 567 once & been rejected, will it be again?
If it is, with a bullish candle, get in going north, buy.
If not wait till it breaks through 567 & support becomes resistance again.
Thanks for the post.
current price is 567.
I am confused here. How do I decide whether to buy or sell here ?
How long I need to wait.
Considering we dont know what the currency type is we cant say… You need to look at the fundamental and economic factors as well before deciding to place a Buy or sell. From a technical stand view from what I can see price may rebound and go up if price keeps holding at 567 if it breaks past support it will hit the next level @ 513 where it may go up but again to confirm these biases you need to look at economic data to confirm whether support will hold and eventually price moves up or break past it and move down to the next level. I suggest u go through the baby pips course if u have more questions
I am asking technical point of view - [B]chart reading[/B] only - forget about fundamental and other stuff for the time being.
what do you look at this chart at this level to take a decision…I am stuck right here.
senior members , traders please comment.
594, BUY
But you shouldnt “forget” reguardless
Thanks. What is there with 594 ?
Is there any reason with 594 ?
Please elaborate a bit.
Thanks. This helped a lot.
how did it work out?
What chart is this anyways?
present status of this chart:
This chart is amazing. It worked beautifully as per your level. Although I did not trade but I was keeping track of it…awesome.
The MA’s are forming dynamic support as the market is in an uptrend. There are pauses but no real support, it appears resistance is forming at 650 but with no access to seeing the volume I can’t tell accurately if this is consolidation but I expect the pair to go higher providing the up move from the MA at 550 was accompanied by strong volume (if not then consolidation)
So for me support could be 550-575.
Who knows what next?
In that case I think the bull trend continues, it’s a pause in the up move. So support should be what I said earlier.