XAUUSD Gold price is moving in the Box pattern and the market has rebounded from the horizontal support area of the pattern.
Russia no longer has the capacity to store all its unused gas. They would previously supply their gas to the EU, so they never faced this issue. However, they are now burning excess gas instead of providing it to nations that need it the most.
USDCHF is moving in an Ascending triangle pattern and the market has fallen from the horizontal resistance area of the pattern.
Switzerland recently enforced new rules to regulate the gas consumption in the country. These rules are meant to make citizens use gas more wisely and less frequently. In order to get people to actually follow these commands, they have revealed that they could jail the violators.
EURUSD is moving in the Descending triangle pattern and the market has rebounded from the horizontal support area of the pattern.
We revealed just a couple of days ago how the EU is planning on banning Russian travelers the ability of obtaining a visa. This has now been implemented, and it is believed that Russians can no longer receive a visa to travel to the EU.
EURCHF is moving in an Ascending channel and the market has rebounded from the higher low area of the channel
In order to relieve some stress off the region, the EU is looking to cut the electricity prices by half so the citizens can get room to breathe. However, this does come with a catch. It is revealed that they are only going to do this if the nation follows the electricity-saving rules
GBPUSD is moving in the Box pattern and the market has rebounded from the horizontal support area of the pattern.
It has been a tight battle to become the prime minister, but Lizz Truss officially got the victory and is now the new prime minister of the UK. She revealed her first duty as prime minister is to help businesses and households that are struggling to pay their energy bills.
GBPJPY is moving in the Descending triangle pattern and the market has reached the Lower high area of the pattern.
Japan is now teaming up with several other nations in order to tighten security in the maritime regions. Both the US and the Philippines have joined hands with this tech giant and are now working together to solve some major security challenges that they face at sea.
Crude Oil Analysis
Crude Oil is moving in the Box pattern and the market has rebounded from the horizontal support area of the pattern.
Oil prices have now relaxed for the first time in quite a while after OPEC+ recently held a meeting. Saudi Arabia, which is among the largest oil supplier, also revealed how they are going to cut oil prices for Asian customers that have been at a record low since COVID-19.
CADJPY has broken the Box Pattern in Upside.
Some Canadian banks are expecting the Bank of Canada to increase its key rate by three-quarters of a percentage point, bringing it to 3.25 percent. This is much needed in order to combat the ongoing inflation crisis in the country.
AUDUSD is moving in the Falling wedge pattern and the market has rebounded from the lower low area of the pattern.
As Australians continued their spending habits despite the enormous price hikes, it is revealed that the Australian economy now grows at 3.6% annually on spending. However, economists reveal that this is a short-term boom, and we should expect a recession in the long run.
NZDUSD is moving in the Descending channel and the market has rebounded from the lower low area of the channel.
For the first time since the pandemic, New Zealand has finally welcomed back international students who have been studying remotely for the past year or so. These students can finally return back to their regular lives studying in New Zealand.
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