Hey everyone! Welcome to this weeks forex forecast for the week ending September 25th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at USDCHF, GBPUSD, AUDNZD & XAUUSD.
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.
Just before the scheduled shutdown at 12:01 am on Sunday, Congress voted to extend the deadline for another 45 days. Yields jumped higher to above 5.1% which has remained elevated for some time. As we enter an historically bullish month for the indices, here are some setups on dollar, gold and index setups EdgeFinder Analysis […]
GDP numbers came in lower than expected in the US, marking the third straight drop in economic output. This is usually good news for the stock market indices and gold, however, bond yields continue to hold up above 5.1%. Here are some potential trade setups for both dollar and index longs depending on how the […]
Hi, I’m Nick! I am the founder of A1 Trading, market analyst, YouTuber, and creator of the EdgeFinder software tool. I caught a huge winner on USoil with the help of the EdgeFinder! In this article, I’ll walk you through my thought process behind the trade and how I found this crazy runner! Finding My […]
