Hot #Forex Trades for this week commencing 23rd September!

In the realm of financial markets, the price of oil is currently at a critical juncture as it approaches the possibility of breaking out of a rising wedge pattern. This pattern, characterized by converging trendlines that slope upwards, typically indicates a period of consolidation and uncertainty in the market. Traders and analysts are closely monitoring the situation, as a potential break below the key support level of $72 could signal a shift in momentum towards the downside.

Should the price of oil indeed breach the $72 support level, it may pave the way for a further decline towards the next target at $67.50. This level is significant as it represents a crucial area of interest where market participants may look to reassess their positions and strategies. The dynamics of supply and demand, geopolitical events, and macroeconomic factors all play a role in influencing the direction of oil prices, adding layers of complexity to the analysis.

GBP/AUD has recently broken out of a falling wedge pattern, indicating a potential bullish trend reversal in the currency pair. This breakout suggests that the bears are losing momentum, and the bulls are gaining control. As a result, the price is expected to reach the target of 1.9695 in the coming days.

The falling wedge pattern is a bullish chart pattern that typically forms during a downtrend. It is characterized by converging trendlines that slope downwards, creating a narrowing price range. When the price breaks above the upper trendline of the wedge, it signals a potential upward movement.

Overall, the breakout from the falling wedge pattern in GBP/AUD is a significant development that could lead to further gains in the currency pair. Traders will be watching closely to see if the price can sustain its upward momentum and reach the target of 1.9695 in the coming days.

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AUD/CAD seems to be following a wave 4 trend, indicating a potential shift in market sentiment. The key factor to watch is whether the price can maintain its current support level. If the support holds, it could signal a continuation of the upward movement, with a possible target at .9530.

The USD/CAD currency pair is currently exhibiting a pattern known as a wave 5 and an A, B, C pattern. These patterns are commonly used in technical analysis to predict potential price movements in the financial markets. In the context of the USD/CAD pair, this pattern suggests that there may be further breakdown in the price action in the upcoming week.

A wave 5 pattern typically indicates the final phase of a trend, suggesting that the price may continue to move in the same direction before a potential reversal. Meanwhile, an A, B, C pattern is a corrective wave pattern that consists of three distinct price swings. This pattern often occurs within the context of a larger trend, indicating a temporary counter-trend movement before the prevailing trend resumes.

In terms of price targets, the analysis points towards levels of 1.333 and 1.3093 for the USD/CAD pair. These levels are significant as they represent potential areas of support or resistance where price action may stall or reverse. Traders and investors often pay close attention to these levels as they can provide valuable insights into potential entry or exit points for their trades.

Overall, the analysis of the USD/CAD pair suggests that there may be further downside potential in the near term, with specific price targets identified for traders to monitor. By understanding these patterns and price levels, market participants can make more informed trading decisions based on technical analysis principles.

Chris