Hey all, the Trading Guru is back with another entry on a new series called 'Quick Updates'.
The price just hit this support zone, and got a beautiful confirmation of the area. It looks like the support zone is maintained, and the price will no continue with a bullish momentum. The nearest resistance is just above the current price, and makes for a nice scalp.
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Trade closed: target reached
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What a perfect result!
The price bounced off the support zone like we expected, and went beautifully to the resistance.
Why are you using the GBP or JPY instead of the US$? Wont that make the volatility twice as difficult to predict? They wont move independent of the US$ anyway. Last time I looked the AUD was almost on par with the US$..
Trading-Guru
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@alienteck this is a really good point! I hadn’t thought of that. I will make some comparisons later between the three pairs