EURCAD is moving in the Descending channel and the Box pattern, Market has rebounded from the Horizontal support area of the pattern.
Germany is all set to sign a hydrogen deal with Canada. This deal is meant to help Germany replace Russian gas with Canadian gas. However, Germany still cannot fully rely on Canada for their gas supply as Canada has made commitments elsewhere too.
XAUUSD Gold price is moving in the Descending channel and the market has fallen from the lower high area of the channel.
The countries that are supposedly backing terrorism usually receive the status of a rogue state. It is now believed that Russia will soon receive the same status due to its war crimes in Ukraine where they were involved in the deaths of civilians.
USDJPY has broken the Ascending channel in Upside.
The Bank of Japan had previously announced its goal of keeping inflation at 2% in July. However, this goal has yet to be met as inflation in the country continues to rise way beyond the 2% goal. This is causing the civilians to experience low living conditions.
USDCHF is moving in an Ascending channel and the market has fallen from the higher high area of the channel.
Most of Switzerland’s gold is being exported to China. However, due to the recent pandemic, this export had come to a halt. But, China has now restarted the importation of Swiss gold, and the imports have reached a five-year high.
EURCHF is moving in the Descending channel and the market has fallen from the lower high area of the channel.
As a result of global warming and climate change, the EU has faced a record number of forest fires this year. It is said that there have been at least 700,000 hectares burned just during this year. And the majority suffered have been in Spain.
GBPUSD has broken the Box pattern in downside.
In order to prevent a nationwide lockdown like what happened during the COVID pandemic, The US is now ready to get the monkey pox vaccine campaign on track. They hope to bring this campaign to a much quicker approval than what we faced during the first pandemic.
GBPCAD has broken the Descending triangle pattern in downside.
Prince Harry has come out in statements saying that ever since he left the crown, he has not been safe in the UK. He believes that his security role with the UK is utterly ridiculous. Therefore, he usually spends his time in America with his wife.
Crude Oil Analysis
Crude Oil is moving in an Ascending channel and the market has rebounded from the higher low area of the channel.
Crude oil prices are slowly back on the rise as Maryland is now high again. This is a result of the Chinese economic growth and US high demand. Both these countries have now resulted in a shortage of oil supply which has caused crude oil prices to start increasing once again.
AUDCAD is moving in an Ascending channel and the Market has reached the higher low area of the channel.
Australians are now out on the streets in protest as a bomb maker in a recent Bali attack has not received the sentence he deserved. The bomb maker was from Indonesia and Indonesia has reduced his sentence quite significantly.
NZDUSD has broken the Descending channel in Downside.
New Zealand has faced a record-breaking rainfall which has caused havoc in the country. It is said that the flooded cities in New Zealand may even take years to fully recover from what just happened. Citizens are forced to evacuate and find new means of living.
Don’t trade all the time, trade forex only at the confirmed trade setups.
Get more confirmed trade setups here: forexgdp.com/forex-signals/