Forex Chart Analysis By The World Of Pips - 9th August 2020.
When you look at the chart of US30, you will notice that price is very bullish.
Having broken the resistance at 27180, price is making a retest and finding support at the resistance turned support.
In view of this, any pullback of price will be an opportunity to lunch a buy. Even with the uncertainties of the coming US election, price seems to be hitting high, probably because of the recent numbers (less jobless claims and better than expected NFP results) coming out of the US.
In the meantime, let’s watch out for a pullback that will bring in the buying opportunity.
Forex Chart Analysis For USOil - WTI (USOil 1hr Chart)
When you look at last Friday’s daily candle close and compare it with the last 4 hours candle close, you can tell that a likelihood of bullish reversal is greater.
So I will be expecting price to find resistance around the area highlighted in red and then a pullback which will give us a double bottom around 40.900 to lunch a buy.
The area highlighted in red will present a selling opportunity in the interim but watching out for the possible double bottom is the bigger opportunity.
Forex Chart Analysis For GBPJPY (GBPJPY 4hrs Chart)
There is already a double top or "M" Pattern formation.
So we will be looking out for a selling opportunity. My take is to wait for a pullback towards the area highlighted in red before selling.
As long as price doesn’t break out of the top (139.200), it is a good selling opportunity.
Forex Trading Resources:
1. Subscribe to 1000Pips Builder Forex Signals with verified profitable results.
2. 50 High Yield. Dividend Stocks. Get Instant Access To The 50 Highest Yielding Stocks Sorted By Yield, Dividend Growth, And Return. Click To Get It Now.
3. Bots Live Trading Room. Join The #1 Ranked Live Community Strategy Development Room For Forex, Nadex Options & More. Click To Join Now.
Disclaimer: Forex Trading is a complex financial product traded on margin. Trading Forex is risky and may not be suitable for all investors. Ensure you understand the risks involved as you may lose all your invested capital. Past performance on Forex is not a reliable indicator of future results.
