Good Afternoon forex friends
Yesterday analysis we were expecting more upward movement.Out first target was 1271-73.This target has been hit.Now we are looking for next target to be hit.I am sharing update chart analysis.Please have a look.
Daily Chart Analysis
As expected price is moving upside.Yesterday candle closing give more confidence to our bullish thoughts.current market price is 1175.Our second target is at 1191-93.i am expecting this target may hit tomorrow.Movement and closing in daily time frame below the support 1241-45 will invalidate our bullish thoughts.
4 Hour Time Frame Chart
We can look price action closely in 4 hour chart.Price is just indicating upward movement.Couple of bullish candles making the picture clear.Our second target is at 1291-93 and closing target is 1301-03.Momentum is also in favor of bulls.We might see some volatile in couple in couple of days because of some fundamental reasons.Please move your stoploss accordingly.
Trade Update Reccomendation :
Move your stoploss at entry point
Close half position when our second target hit 1291-93
Close full position at 1301-03
Enjoy the risk free trade
Never risk more then 2% of your account in single trade.Always trade with proper risk management plan.
Feel free to comment below if you have any concern regarding charts and analysis.Your feedback is always welcome.
Wish You Good Luck & Happy Trading
Mati Ur Rehman
Gold Analyst @ forex.today