Looking at the overall trend in this market, price has formed a descending triangle pattern with support at a long-term horizontal level, which is 1.3030. Price closed for the week just at this level, and looking closely at the candles, we can see many candles with long wicks to the upside, suggesting sellers could not take control of the market. With the US election results coming up and a Biden victory is looking likely, I'm expecting the USD currency to weaken, and therefore this also matches up with this technical analysis.
We have been watching this pair for a while now; price has finally broken the 1.30 resistance favorably and is currently at 1.3150. This is the next resistance bulls must break in order to fulfill the ascending channel visible. Price closed for the week with an indecision Doji candle, suggesting we may see some pullbacks before price can successfully make this move. However, with the possible USD weakness coming in due to the Biden victory, we may see price make this move instantly once the results are officially announced.
Price is in this long-term ascending channel and currently holding near the support of the channel. Price has been struggling to break through the 137.600 level; this now creates an ascending triangle pattern on this pair as price is steadily making it's move to the upside but is not breaking through the resistance. Eventually, this will lead to the apex point and cause a burst of hopefully the upside. Look out for price action confirmations of a rejection to the trendline to get involved early or wait for price to break the resistance and enter on the retest successfully.
Price was forming a descending triangle pattern on this pair; however, with the US elections coming to an end and a Biden victory looking likely, the USD began to weaken, causing price to break to the upside (which is entirely normal and can happen in this pattern) and break the trend and recent high. I expect this move to continue and price to completely break every high and reach recent monthly highs at 2050.00.
COMMENTS BY TRADERBART ARE FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY. I AM NOT A FINANCIAL ADVISOR AND ALL COMMENTS SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE REGARDING THE PURCHASE OR SALE OF ANY FINANCIAL INSTRUMENT OF ANY KIND. PLEASE CONSULT WITH YOUR FINANCIAL ADVISOR BEFORE MAKING AN INVESTMENT DECISION REGARDING ANY FINANCIAL INSTRUMENTS MENTIONED BY TRADERBART. BY COMMITTING TO ANY IDEAS SHOWN BY TRADERBART, YOU ASSUME FULL RESPONSIBILITY FOR YOUR TRADING AND INVESTMENT RESULTS. TRADING OF ANY TYPE INVOLVED VERY HIGH RISK AND MAY NOT BE SUITABLE FOR ALL INVESTORS.
Looking for a Broker?
Check out our favorite brokers & reviews! Find brokers available in your country, or our top rated brokers to consider.
Weekly Forex Forecast for GBPUSD, AUDUSD, EURCAD, XAUUSD (29-04 December 2020) Hey everyone! Welcome to this week's forex forecast for the week ending December 4th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPUSD, AUDUSD, EURCAD & XAUUSD. GBP/USD Looking at the overall market, we've got a clear ascending channel […]
Weekly Forex Forecast for EURUSD, AUDUSD, AUDCHF, XAUUSD (22-27 November 2020) Hey everyone! Welcome to this week's forex forecast for the week ending November 27th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at EURUSD, AUDUSD, AUDCHF & XAUUSD. EUR/USD Looking at the chart above, we can see this pair is […]
Weekly Forex Forecast for GBPJPY, AUDUSD, EURCAD, XAUUSD (15-20 November 2020) Hey everyone! Welcome to this week's forex forecast for the week ending November 20th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPJPY, AUDUSD, EURCAD & XAUUSD. GBP/JPY Looking at the overall trend in this market, price is currently […]
Politics preventing new financial stimulus The economic recovery in the major global economic powers depends on several important factors. One of the most vital part, the spread of the virus and the government's answers to it. With a decrease in daily cases of COVID-19 to 50,000 in the U.S.A. Yet U.S. A remains the most […]
Our team has unfortunately received many reports of scammers using our content and pretending to be us. While we will continue to report these accounts to the authorities as we receive reports, we may not always catch them in time. Below our a list of things to look out for before making a purchase to any […]
Warren Buffett is one of the most idolised, investors in the world. At the time of writing , his company, Berkshire Hathaway, has a market cap of $495 billion and Buffett himself has a net worth of $79 billion. His approach to value investing, combined with his influence over the companies he invests in , […]