FOREX CHART ANALYSIS SEP 3 - NOT MANY SIGNALS

Sep 03, 2020
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Today we will be focusing on the charts. The followings are the analysis of the charts of the most trade currency pairs.

Latest updates

  • US ADP data is extremely bad, only about a third of expectations.
  • On Wednesday, San Francisco Federal Reserve Chairman Mary Daly urged the government to invest more in roads, bridges, digital infrastructure, education, climate resilience and Other productivity-boosting infrastructure to help pull the economy out of the deep recession caused by the coronavirus pandemic.
  • Australia - ‘Lucky nation’ - finally ran out of luck in the second quarter of 2020 when it confirmed its first recession in more than 30 years. Specifically, the country's economy declined 7.0% in the second quarter.
  • The overnight European data also tended to be negative: unemployment in Spain rose by almost 30,000 in August, instead of 10,000 expected, while German retail sales fell for the second month in a row in July.

USD/JPY

forex chart analysis usdjpy

USDJPY fluctuated extremely low yesterday, so there was no significant change. The weak resistance area of 106.2, which we observe, has not been broken, so the possibility of continuing to go up has not been confirmed. You should avoid entering orders at the present time. Focus on price action at the two edges of the range.

EUR/USD

forex chart analysis eurusd

After several bearish signals across the frames from the psychological resistance of 1.20, the price turned down as expected. Continue to hold the short orders. The initial target will be around the lower boundary of the range.

GBP/USD

forex chart analysis gbpusd

The price has had a signal of rejection around 1.325, but it is tending to decrease again. You can continue to hold short-term orders. The bottom of the broken pin bar will be a good sign for the sellers. Then, we can raise the target to the mid-long-term uptrend line.

USD/CAD

forex chart analysis usdcad

The price has not yet completely broken out of the 1.305 price range. Some bearish signals have also appeared. However, this is not the time for us to continue selling. The correction could easily extend to the confluence area of 1,315. You should wait patiently. We can consider short again around the resistance zone 1.315 if bearish signals appear.

AUD/USD

forex chart analysis audusd

The price fell as expected following the previous bearish signal. The pin bar candlestick just appeared on H4 chart is not a problem because the price is about to retest the bottom of this bar, showing that the selling force is still abundant. Continue to target the lower bound of the long-term uptrend.