Price volatility draining out of the forex market

Price volatility has been draining out of the forex markets since the middle of last week. Wall Street equity indices have posted a three-week losing streak and whilst they haven’t rebounded do appear to have found some support at current levels.

The start of the week, therefore, appears to favour range-bound traders … unless you’re looking at Bitcoin.

The crypto is forming an ascending triangle pattern on the Weekly and Hourly charts. The resistance level of $10,000 which came into play in Oct 2019 and Feb and May 2020 now switching to offer support.

 

Our analysis is based on a comprehensive summary of market data. We use a range of metrics with weighting given to simple and exponential moving averages and key technical indicators.

 

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.