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.
9/24/2021 The People's Bank of China banned all crypto transactions on overseas Chinese services along with its domestic ban. Bitcoin is down over 8% today and Ethereum is down 11.48%. Our outlook I think we're seeing a lot of noise around China and their condemning of cryptocurrencies before they digitize their own. In the short […]
Let's look into the Bank of England's Monetary Policy Summary which took place on Thursday the 23rd of September, 2021. Quick Summary: BoE keeps interest rates unchanged at 0.10% BoE will maintain its asset purchasing target at £875B The vote to keep policy unchanged passed with a 7-2 vote The minutes of the MPC meeting […]
9/23/2021 The precious metal snapped three days of gains and tumbled back down to the support range from $1740s-1760s approximately. Gold is down -.56% on the day going into the opening of the NY session. Our outlook Gold will likely rise on the US indices falling, and is usually due to slowing economic growth. Because […]
9/21/2021 Bitcoin Update For the past month, Bitcoin went on a tear rising over 20% from the beginning of August. Recently, however, China and other risk-off factors have contributed to a 23% decline from the recent highs around $52,760. Now the most prominent crypto has touched these monthly lows which could be a potentially good […]