Channel Trading Opportunities on different currency pairs

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AUDUSD Analysis

AUDUSD is moving in a strong uptrend by creating an Ascending Channel (higher highs, higher lows) in 4-hour time frame chart. AUDUSD is in strong buy mode, however, it is not good to buy or sell at this time. Let’s wait for the breakout and retest (or) reversal from this zone.

The Australian dollar may rise or fall depends on RBA rate decision this week.

USDCHF Analysis

USDCHF is moving in a Descending channel by forming lower highs, lower lows, However, the market standing now at the recent support level.

If the price reverse from this support, the Descending Triangle maybe formed. let’s wait for the reversal or breakout.

France is the only country still not reimpose lockdown for confidence on people should follow rules and fight against COVID 19. upcoming Euro events could hamper the performance of the Euro against USD and swiss franc.

GBPUSD Analysis

GBPUSD is moving in an Ascending Channel by forming higher highs, higher lows in 1-hour time frame chart.

Same like AUDUSD, GBPUSD is in strong buy mode, however, it is not good to buy or sell at this time. Let’s wait for the breakout and retest.

US dollar had continued to decline as Powell announced Central bank adoption of Average Inflation targeting. accommodative monetary policy extension by FOMC would increase inflation target to achieve 2% as per FED expectations.

CADCHF Analysis

CADCHF also moving in an Ascending Channel by creating higher highs, higher lows. higher low still struggles to break.

In another view, CADCHF has formed an Ascending Triangle.

EURNZD Analysis

EURNZD still bounces back from the last month higher low levels in an uptrend line.

EURNZD trying to form an Ascending channel now. Let’s wait for the confirmation of Reversal on EURNZD.

In Eurozone, the central bank maintains inflation target same as the US but little change, they expect to inflation below 2% or equal to target 2%, monetary policy statements as the same loosening as FED policy. ECB interest rate decision on September 10 will expect better to reassemble the monetary policy and tools.

Covid-19 second wave warns EU economy recovery as COVID-19 cases rebound in several European nations, this could drag Euro prices in current, as second-wave increases then local governments reimpose lockdown restrictions.

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