Forex Market Insights 9-19-23

Transcript

So for this week, what we’re looking at as far as for the first couple of days this week, we are looking at theCanadian dollar and we are looking at the pound. The pound does have bullish news being expected as far as overall Wednesday early a.m.

So that is going to be an overnight idea because that news does come out at 02:00 a.m. In the morning.

And then for the Canadian dollars, we are expecting bullish news there with their CPI numbers. So both being CPInumbers, with their CPI numbers and that news comes out tomorrow morning, which is Tuesday the 19th. And so if we look at the Canadian dollar idea, so this is up against the Canadian dollar.

So that would be this one dropping. So this one could potentially and this is on the daily chart, so we could potentially see here, if we take this and we break it down to the four hour chart. So for this one we could get a flush here because what we’ve been having is kind of consolidation drop, consolidation drop, kind of a bounce here to end the week and then drop as far as to start this week off.

And so we’re getting this continued downward trend for the UC pair. So we could have this trend continue to go as far as for the UC idea and for the CJ idea. For the CJ idea, what we have is we have this continued steady bullishness that we have.

And so this was where the week started last week. It started off, it dropped and then from there it just continued to just rush and flow upwards. So we are looking at, with the bullish news coming out for the Canadian dollar that thisCJ idea would continue to bounce.

So we could see a potential retrace here to somewhere around the weekly open or just higher lows. So again, that’s what it’s doing so far as far as with the CJ idea. And then for the UC idea, we could just continue to see that ideadrop if Canada does indeed report as bullishly as they are expected to report.

Now for the pound ideas, the pound is expected to be bullish. And so we had this consolidation that I talked about last week, this consolidation did drop and so after that consolidation did drop, we did find support here at this minor quarter area. So this minor quarter area is very important.

So if that area does break down, we can see this price action break here. That minor quarter area is 1.5 as far as for after the decimal.

So that’s what you’re seeing here as far as the area of support here, which is the minor quarter off of this minor dime area for the Gu idea. So again, looking for bullishness there and then also for the GJ idea, we do have this idea currently down for the week, but it has been kind of testing out its weekly open. So the goal is to just see if it continue to make these higher lows that it has been making.

So, again, higher lows than last week, and then higher lows here and higher lows here, and then higher lows here just continues to cause for price action to make its way back to its weekly open, where it does have buyers. But if it cannot make its way even if it continues to make these higher lows, but it cannot make its way back to weekly open then we should end up getting that flush there. As far as that continued drop as it does have all of its moving averages with its 50 period moving average getting ready to cross over this death cross for its 50 period crossing over its 200.

And this is on the four hour chart. So that’s what we’re looking at for this week. As far as for the top of the week.

We will have another video coming for the latter part of the week, but that’s what we see so far. Bye.