Forex Chart Analysis – Market hits the minor price levels – wait for breakout or reversal

Gold: Chinese GDP data slower in economy

Gold is still moving in a Descending channel range for a long time.

Gold is still moving in a Descending channel range for a long time

Gold prices are stalled in the range-bound market as 1780-1800$ this week as US Dollar rose every day.

Gold prices are stalled in the range bound market as 1780 1800 this week as US Dollar rose every day

And FED Powell commentary about tapering speech on Wednesday makes Support for US Dollars this week.

And also, China GDP was slower this quarter, and the Delta variant spread more in China makes gold consumption lower and seller dominant in the market.

Printing of US Dollar now reducing means then Demand for US Dollar automatically increased in the market.

Now Gold prices are waiting for next fall based on the Jackson hole symposium meeting next week speech by FED Powell.

US DOLLAR: FED Powell tapering comment makes Dominant Buying of US Dollar

USDCAD hits the higher high level of an Ascending channel.

USDCAD hits the higher high level of an Ascending channel

USDCHF breakout and retest the previous descending channel.

USDCHF breakout and retest the previous descending channel

US Dollar index reached 93.500 level and broke out weekly resistance of 93.400 level today as Dollar performed more strong dominance in the market.

Counter pairs are Significant selling as Last 1.5-year highs.

US economy is growing back and US Dollar selling is reduced

And this seems as little correction in the market as FED Powell commented scaling back large-scale asset purchases soon and planned in next meeting.

It provides confidence for investors as the US economy is growing back and US Dollar selling is reduced.

EURO: ECB vs FED divergence policies

EURGBP hits the lower high of the descending channel, wait for breakout or reversal.

EURGBP hits the lower high of the descending channel wait for breakout or reversal

EURJPY is standing at the support and also moving in a descending channel.

EURJPY is standing at the support and also moving in a descending channel

FED may do three rate hikes before 2023, as Reports told by Nordea analysts.

But ECB will take more years to do a rate hike when compared to the US. Population in the US is smaller when compared to the European Union of nations.

But ECB will take more years to do a rate hike when compared to the US

ECB may decide depending on all nations to be satisfied with the proper solution, and no one will be affected by tapering or rate hikes.

And here, the US is one nation and makes independent decisions, and the Delta variant is under control by the US from proper Vaccinations.

ECB will do rate hikes after 2023, but FED will do a rate hike in September 2022, one hike and Two hikes in 2023. So there is more divergence from ECB and FED policies.

UK POUND: Decline in UK Retail sales

GBPUSD hits the support area, wait for reversal or breakout.

GBPUSD hits the support area wait for reversal or breakout

GBPCHF hits the lower low of the descending channel, wait for reversal or breakout..

GBPCHF hits the lower low of the descending channel wait for reversal or breakout.

UK Pound declines to 1-2% from highs last 2 days as US Dollar performed well.

And also today UK Retail sales came at a lower level than expected.

Vaccinations are progressing well in the UK, and Lockdown restrictions are removed from most parts of the UK.

UK Retail sales came at a lower level than expected

UK retail sales show a trimmed picture of consumer spending.

And Month on Month sales are down by 2.5% and Year Year sales are now at 2.4%, down from 9.2% in June and below the 6% expectations.

UK Pound now suffered more losses against US Dollar due to FED moves on tapering speech at FOMC minutes.

Canadian Dollar: Slower Oil Exports worry for Canadian Dollar

CADCHF hits the higher low of the bigger ascending channel.

CADCHF hits the higher low of the bigger ascending channel

USDCAD broke out resistance level of 1.29 level today, and the Next set of resistance is 1.30500 as Weekly resistance behind.

Canadian Dollar now robust falling market because of Oil demand got slower as China facing Delta variant issue.

Canada Slower Oil Exports worry for Canadian Dollar

The major economy will decline in the market then Whole consumption of Oil depending on a Single nation is a worry for Demand.

And now Supply increasing in OPEC+ nation is also blow for US Oil prices to get down.

The Retail Sales data of Canada is scheduled today, and numbers based on the Canadian Dollar get weak or bounce back is expected.

USDCAD is now stronger as the Canadian Dollar is weaker as Oil demand is slower.

And Bank of Canada is ready to taper assets in every meeting to meet the rate hikes plan, But Oil exports declined as demand was slower.

Japanese Yen: Investors mind fears of Delta variant

USDJPY has formed a symmetrical triangle pattern in the 1-hour timeframe.

USDJPY has formed a symmetrical triangle pattern in the 1 hour timeframe

USDJPY fell little when compared to other currency pairs such as CADJPY, EURJPY and GBPJPY.

USDJPY fell little when compared to other currency pairs such as CADJPY EURJPY and GBPJPY

And Japanese Yen automatically upside gains after Delta fears spooked investor minds and shift their money from perimeter countries to Core countries with lower risk.

JPY and US Dollar performing riskless and safe-haven currencies due to strong market dominance.

And US economy grows significantly in the market, and the Japanese economy dropdown more, but keeping lower rates and devaluing currency like JPY is preferable by Investors.

Emergency Funds approved by Cabinet

Japan The Sangiin part of the Japanese National Diet HouseIt is the upper house of the National Diet of Japan with 242 members

Japan Finance minister Taro said emergency funds of Yen 9.27 billion ($84.5 million) to use for medical aid and Vaccination as Cabinet approved during this pandemic.

And the Japanese Economy recovering moderately now. This stimulus will help more to regrow and Vaccinations to help to avoid the spread of Covid-19.

Japanese Yen is benefited after the release of funds, and counter pairs fell significantly after the news released.

Australian Dollar: Better Jobs report

AUDUSD is falling continuously breaking the recent support areas, the next support area is at 0.7030.

AUDUSD is falling continuously breaking the recent support areas the next support area is at 0.7030

AUDCAD hits the lowe high of the minor descending channel.

AUDCAD hits the lowe high of the minor descending channel

Australian Dollar declines as Delta variant shows one day rose to higher numbers in New South Wales city.

And Employment report shows a rose of 2.2k versus -43.1k expected. The labour market shows the healthy report, but the Delta variant causes more spread and Failure to economic growth concerns.

AUDUSD Dropped significantly more as Bad news back on back announced.

New Zealand Dollar: US Dollar strong dominance and RBNZ no rate hikes impact

AUDNZD hits the support area again.

AUDNZD hits the support area again

New Zealand Dollar makes a constant blow in the Downward direction as the Delta variant cause, and Rate hikes are not done in the previous meeting this month.

RBNZ reserve bank of new zealand

Also, US Dollar makes dominance against New Zealand Dollar in the Delta variant and the Vaccination rate in the market.

The US makes perfect vaccination, and no delta variant notices in the US. Due to this, Asian Nations like China, Australia, Japan are facing the Delta variant and slower growth of the economy.

Tapering speech by Powell also impacted New Zealand Dollar much more, and Chinese Slower growth makes exports slower to New Zealand Nation.

Delta travelled to Wellington from Auckland

Delta variant now shifted from Auckland to Wellington as new cases confirmed.

Overall, 11 new cases were recorded in Hospital from those 3 cases from Wellington as detected.

And now 3days lockdown for all and 7 days lockdown in Auckland has extended to AUG midnight as New Zealand PM Jacinda Ardern announced.

Now Full checkup progress in Auckland and other cities to control the spread and tight lockdown put in all cities of New Zealand.


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