Trade Ideas & Chart Analysis Disclaimer: The below analysis should not be considered as considered financial advice or a recommendation to trade or invest in any financial product. Your individual circumstances and risk allowance have not been taken into consideration and are thus not reflected in the below analysis. The below is for educational purposes only. Read our full Risk warning and disclaimer here.
Analysis for 22nd to 26th February
All scenarios are based on 'IF/THEN' scenarios that the Bindal FX traders map out and use whether it be on swing trades shown below, or intraday trades used in the Bindal FX LIVE room every day. If the price does not map out to the plan, we simply move on and look for a new opportunity rather than trying to 'manufacture' a position - to learn more about how to join our LIVE Trading Broadcasts and LIVE Trading Webinars email firstname.lastname@example.org
Broker - The Bindal FX team primarily trade with the same broker - they are highly reputable and have excellent competitive spreads with lightning-fast execution. Having a good broker with tight spreads is crucial to successful trading. To find out if they are more competitive than your current broker, or to open a live or demo account, you can learn more about them here.
Silver - XAGUSD
Key Resistance: 27.80
Key Support: 26.70
Silver, XAGUSD - After a sharp rally at the end of January, price pulled back and has been in a consolidation pattern for much of February. We have seen price establish a base of support early February, since retesting and 'faking out' below with a firm rejection up. We'll be looking for a confirmed higher low to be in place before looking for a 123 above green for entry to the long side. Valid as long as 26.70 holds.
FX Pair: NZDUSD
Key Resistance: 0.7320
Key Support: 0.7200
NZDUSD - spent Q4 of 2020 in a big bull run, and since the turn of the year has been largely consolidating/flagging. We had marked this out for a long last week, and although it took a few days to set up and give us the 123 we were looking for, Thursday night/Friday morning so a big thrust up, giving a really nice move from what we outlined last week. We are looking to add into longs on any 123 pullbacks that occur, although there is some resistance at 0.7320 that could provide some pressure. Long signal is valid as long as price remains above 0.7200.
Free E-book and newsletter sign up - www.bindalfx.com/ebook.php
Sign up for our free e-book and automatically receive our Weekly Trade Idea's Newsletter
Follow us on social media for more trading insights and free education material
Facebook, Twitter, Linkedin, YouTube and Instagram