Weekly Forex Forecast for AUDCHF, EURUSD, GBPUSD, XAUUSD (13-18 September 2020)
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.
Yesterday, the Federal Open Market Committee (FOMC), the Federal Reserve’s policy-making body, implemented yet another 75 basis point interest rate hike. While this move was perfectly in line with market forecasts, Chair Powell’s comments following the subsequent press conference, in which he discussed the FOMC’s new set of economic projections, were significant. He continued to […]
Statistics Canada released a surprising new batch of inflation data this morning: month-over-month CPI failed to meet market forecasts, declining by 0.3% instead of the anticipated 0.1%. Rather than being an outlier, the other measurements of CPI mostly followed suit, as both year-over-year Trimmed CPI and Median CPI likewise failed to meet expectations. Trimmed CPI’s […]
At 9:30 pm Eastern Time tonight, the Reserve Bank of Australia (RBA) will be publishing their latest round of monetary policy meeting minutes. While there is a chance that their intentions could come across as more hawkish than expected, they currently have little reason to be. Despite relatively low unemployment at 3.5%, steady GDP growth, […]
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