GBPUSD has broken the Descending channel in Upside.
While yesterday was set to be the hottest day of the year in the UK, today’s temperatures are even crossing the record made yesterday. Temperatures in the UK today are crossing 42 degrees Celsius while they were just touching 40 degrees yesterday.
XAUUSD Gold price is moving in the Descending channel and the Market has rebounded from the Lower low area of the channel.
There has been a severe food shortage around the world. In order to resolve some of the shortages, Turkish leader Erdogan is meeting up with Russian President Putin. This meeting is to ask Russia to allow Ukraine’s grain to pass through their blockades.
USDJPY is moving in an Ascending channel and the Market has reached the higher low area of the Ascending channel.
Just a few days ago, we found out that Japan’s former prime minister Shinzo Abe was executed while giving a speech to the public. Today after reviewing CCTV footage, it seems as though he could have been saved if his bodyguards were paying attention but they weren’t.
USDCHF has broken the Ascending channel and market has reached the Lower low area of the Descending channel.
Several Ukrainian soldiers were injured in the ongoing war so NATO requested Switzerland to aid these injured soldiers. However, Switzerland refused while stating that they’re maintaining neutrality in this war. This has seriously angered the international community.
EURUSD is moving in the Descending channel and the market has rebounded from the lower low area of the channel.
In the past couple of months, Russia has been slowly cutting off supplies from Russia in protest of the war crimes they are committing in Ukraine. Due to this, they have now started a new gas deal with Azerbaijan since they’re no longer getting gas from Russia.
GBPCAD is moving in the Descending channel and the market has reached the Lower high area of the channel.
It is currently monsoon weather in Canada. As a result, British Columbia has been facing massive floods and landslides these past couple of days. Canada is sending rescue teams to the area to support victims of this natural disaster.
CADCHF is moving in an Ascending channel and the market has reached the higher low area of the channel.
Climate change is impacting both Canada and Switzerland. We can see that glaciers are now melting in Switzerland at a much faster rate than before. Similarly, we can also see that Canada is facing heavy rain which is causing extreme flooding in different regions of the country.
Crude Oil Analysis
Crude Oil is moving in the Descending channel and the market has reached the Lower high area of the channel.
As the days go by, the crude oil supply seems to be getting tighter and tighter. Even Saudi Arabia has announced that its production capacity is meeting its maximum limits. Despite this, crude oil supply is short in the world which is causing record-breaking prices for this commodity.
AUDUSD has broken the Descending channel in upside.
It was recently revealed that Australia’s central bank, the Reserve Bank of Australia, is still not satisfied with the latest interest rate hike. They reveal that this hike has still not been enough to tackle the inflation crisis that is consuming the region.
NZDUSD Has broken the Descending channel in Upside.
New Zealand is seeing a record-breaking low in its property prices. The average asking price for properties in New Zealand hasn’t been this low since October of last year. This reveals that the economy is entering a recession and the housing market is dropping significantly.
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