Zooming out, we can see price is travelling in a strong downtrend. However, since September, we saw price has been failing to create new lows, and instead, price is now forming a symmetrical triangle pattern. Price is already near the apex point, expecting a breakout then retest this week. I'll only take a position once I see price action confirmations of a rejection to the trend line.
Looking at the daily timeframe, we can see this substantial ascending channel which price has been travelling in since April. Price has been forming higher highs and higher lows, and the pound as an economy, has been able to recover from the massive drop caused by Covid19 nicely. Zooming in, we can see that currently, price is forming a bearish flag pattern on the H4 timeframe and is now awaiting its breakout. I'm expecting price to complete this chart pattern move and reach 1.27 level before reversing and continuing the ascending channel by making a move to the upside.
We can see this large rising wedge pattern formed here on the daily timeframe, which price was able to break out of in the past week. I'm waiting for price to now retest the support structure, reject it, so treat it as resistance before continuing a move to the downside and completing this chart pattern.
I've been sharing this symmetrical triangle pattern on Gold for the past 2/3 weeks now. Price is currently at the apex point of this pattern and I'm expecting price to breakout anytime this week. Once we see price break out of this structure I'll be waiting for a retest and then waiting for price action confirmations of a rejection and a continued move to the desired direction before taking any positions on this pair.
Weekly Forex Forecast for GBPAUD, NZDUSD, GBPCHF, XAUUSD (18-23 October 2020) Hey everyone! Welcome to this weeks forex forecast for the week ending October 9th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPAUD, NZDUSD, GBPCHF & XAUUSD. GBP/AUD Price has formed an ascending triangle pattern on this pair and […]
Weekly Forex Forecast for USDCHF, GBPUSD, EURGBP, XAUUSD (04-09 October 2020) Hey everyone! Welcome to this weeks forex forecast for the week ending October 9th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at USDCHF, GBPUSD, EURGBP & XAUUSD. USD/CHF Two weeks ago, we saw price form the symmetrical triangle pattern, […]
Late last night, news came out that President Trump tested positive for COVID. He began taking quarantine measures immediately, and soon after, futures tumbled by over 1% in a matter of minutes. Today's choppiness tells us something about what direction the market will head in the short term. The best way to prepare for what […]
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 , […]