Hey everyone! Welcome to this weeks forex forecast for the week ending September 11th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPUSD, EURUSD, CADCHF & XAUUSD.
Price moving along nicely on this ascending trend line for a while now, price held support at 1.30 until price met the trend line and broke through resistance at 1.325. We can see price retesting structure and rejecting the trend line, treating the previous resistance as new support. Looking to go long and expecting a continued bullish movement
This market is channeling along nicely here, forming higher highs and higher lows. On Friday, we saw a nice rejection of the channel's supportive trend line; however, I am waiting for clear confirmations this week as that could have just been NFP's manipulation. I'm expecting the Euro's strength to continue and fulfill this channel.
Again, we have another clear ascending channel moving along nicely, forming higher highs and higher lows. Price is currently at the channel's resistance, and I'm looking for price action confirmations of a rejection to the resistance to go short for a continued channel move to the downside now.
Seeing this symmetrical triangle pattern on Gold, and price is currently at the support of the triangle. Price is still far from the apex point to trade the breakout; however, we can trade the consolidation as price moves along towards the apex. Expecting price to show rejection as market opens then continues an upwards move towards the triangle's resistance.
Today's economic figures came out in US and Canada. GDP came in higher than expected in Canada while the price of goods purchased by consumers was lower than last month. Here are some pullback ideas for USD and CAD from GDP and PCE numbers. EdgeFinder Analysis NAS100 is a bullish reading on the EdgeFinder still. […]
This week has brought more inflation data with it regarding the USD's PCE and PMI numbers. Powell is also set to speak this Friday about monetary policy going forward. The RBNZ will also release their latest interest rate news tomorrow with expectations of an unchanged rate at 5.5%. EdgeFinder Analysis GBPUSD is a bullish bias […]
This week is a big PMI week for Europe, UK and US. Additional inflationary metrics will add to the overall sentiment of these countries' monetary policies going forward. Here are some setups for the coming week on these currencies. EdgeFinder Analysis GBPCAD is now a +7 on the EdgeFinder as we wait for CPI news […]
