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Forex technical analysis allows traders to assess current market conditions, identify trends in the price movements of various assets, recognise the most attractive sectors of financial markets for investment, and build a trading strategy for the upcoming period.
Since there is a definite cyclical nature in the foreign exchange market and the market is closed for the weekend, it is advisable to handle Forex analysis on a weekly basis. Moreover, the weekend is useful for Forex traders to plan the upcoming trading week, taking into account the economic calendar and fundamental events.
As a rule, weekly analytics includes an overview of several currency pairs that are most attractive for trading, considering the past period and expectations for the near future. It is useful for traders to keep abreast of all events in the market that drive the fluctuations of quotes and determine current trends. Forex technical analysis includes the calculation of possible resistance and support levels on different timeframes, metrics of several technical indicators, as well as the determination of overbought or oversold conditions relative to weighted average quotes.
Forex analysis is multilevel because a number of factors affect the direction of price movement. Often, different timeframes have a different technical mood, and it is important to choose the most relevant period of the chart for trading, depending on the individual strategy. This affects the time of holding a trading position, the optimal levels of stop-loss and take-profit orders, as well as the calculation of the nearest pivot points. Forex technical analysis is designed to help traders in this matter.
The choice of a currency pair affects the total profitability of Forex trading. Some assets move too slowly, offering a small level of potential profit. Others, on the contrary, are too volatile for long-term investments, offering more trading signals to buy or sell. Technical analysis of Forex helps to identify the most powerful trends and profitable assets for investments, shows the level of volatility of a financial instrument and helps to calculate the optimal levels of protective orders and taking profit.
Graphical analysis is useful in terms of visual assessment of price charts, building resistance and support trendlines, identifying long-term trends and calculating possible retracement levels. In addition, the technical analysis has a number of typical patterns that indicate a possible trend reversal or its continuation. These formations can also inform traders about the levels of development of signals to buy or sell and, thus, maximize profits from trading on Forex.
Technical indicators measure the momentum of a trend, indicate possible reversal trends, highlight periods of consolidation or lateral ranges. There are also fast and sensitive oscillators that respond to minimal price changes. They are based on the wave principle of analysis and shows periods when an asset can be overbought or resold in terms of peak deviations from the average price. This section presents the technical analysis of Forex using various combinations of indicators that complement each other. The most popular of them are MACD, Relative Strength Index, Bollinger Bands, Moving Averages, Ichimoku, ADX, Williams% R, Stochastic Oscillator, Fibonacci Levels, and others.