Forex Chart Analysis By The World Of Pips - 5th September 2020.
Forex Chart Analysis For US30 (US30 4hrs Chart)
Looking at the US30 chart set up, it will be good to watch 27,500 region (the zone highlighted in Red) for price reaction in that area.
When you look left of the chart, you can confirm that there is a possibility for price to find support in that area which will bring a buying opportunity.
If price plays out as explained, take profit will be back to 29,200 zone.
Forex Chart Analysis For Gold (XAUUSD 4hrs Chart)
Looking at Gold chart set up, price seems to have found support at 1925 zone but we have to wait until Monday (at least London/US Open) to confirm.
If this support holds, then it is a chance to make big bank because when Gold moves, it really moves. So we are hopeful price plays out as analyzed on the chart.
Forex Chart Analysis For Oil (WTI) (OIL 4hrs Chart)
Oil is expected to continue the downward movement. When you look far left, you will see that the nearest zone for possible support is at 36.000 region.
So as a swing trader, my bias is to continue to sell oil until the 36.000 region.
However, there could be some upward retracements (buying opportunities) which to me is gonna present opportunities to swing sell until we reach the 36.000 region.
Forex Chart Analysis For GBPJPY (GBPJPY 1hr Chart)
For GBPJPY like I pointed out with the red arrow, there is a possibility of a downward retracement and price forming either a head and shoulder pattern or double bottom pattern.
When this is confirmed, then there is a buying opportunity for over 200 pips trade to the resistance at 142.650.
This can online be confirmed if price does not break the support at 140.000 and close below it.
Forex Chart Analysis For AUDUSD (AUDUSD 1hr Chart)
AUDUSD set up looks exactly like the GBPJPY set up.
A little downward retracement as shown by the red arrow and then boom, a likely 180 pips upwards movement.
This analysis is correct as long as price does not break the support or close below 0.72150.
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