Hey everyone! Welcome to this weeks forex forecast for the week ending September 18th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at AUDCHF, EURUSD, GBPUSD & XAUUSD.
Price is currently at this key level which was previously a resistance zone but we can now see price is treating it as support. We can see price has been respecting these levels, as looking at the arrows, we can see how many times price reversed after reaching these levels. Price is already showing rejection, as we can see a bullish hammer candle formed right before market close. Looking to possibly go long until 0.669, around 100 pips profit.
This idea was posted last week, and I also sent this out to VIP members, we had TP1 hit already however I'm still holding to TP2. Price is currently at the support of the channel, still seeing some good rejection of the trendline, so I'm still expecting for price to continue the channel and make a move to the upside.
Last week we saw price break through the support at 1.30, however zooming out into longer timeframes, we can see this strong ascending channel that price is currently moving in. Price is nearing the support of the channel, I'm looking out for price action confirmations of a rejection before going long on this pair, looking to catch the continued channel move.
Looking at this symmetrical triangle pattern visible on Gold, we're still waiting on a clear break then retest before taking any desired position on this trade. I'm expecting XAU strength to continue and price retests previous highs at 2040.
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