Where can we find some comfort this Friday morning? - Forex News by FX Leaders

Where can we find some comfort this Friday morning?

Posted Friday, August 19, 2016 by
Skerdian Meta • 1 min read

What do you call comfort in your own home? The word home in itself sounds comfortable in general. But´it gets more comfortable when you have a comfortable sofa or swinging chair where you love sitting on. Then, other accessories such as a comfy table, a cozy place, a nice mug of coffee/tea etc make your place more comfortable.

That´s the same in forex. There is a particular forex chart setup and a few forex indicators that make us feel comfortable when we trade. Some find Bollinger bands comfortable, others use the Ichimoku cloud etc. I find comfort in moving averages, support and resistance levels, overbought and oversold levels and candlesticks. Where do these comfy indicators stand at this morning? 

USD/JPY – It´s not difficult to spot these indicators/levels in USD/JPY. The first comfy level to sell this forex pair is 100.40s which has been the high today and where we can find the 100 moving average as well on the H1 forex chart. Above comes 100.90-101 and 100.50. Support levels stand at 100 obviously, 99.80s, 0.9950-60 which has been the low this week and 0.99. 

The 50 moving average in yellow is the first obstacle to the sellers

EUR/USD – The comfortable levels on the top side in EUR/USD come at 1.1330s which is where we can find the 20 moving average on the H1 forex chart as you can see, then comes yesterday´s high at 1.1360, 1.1380-1.14. Above 1.14 all the way to 1.15 is a tough resistance area and a good place to open long term sell forex trades. Support is first provided by the 50 moving average at 1.1310, then comes the 100 moving average at 1.1270-80, 1.1250 and finally 1.12. 

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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