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      • Forex Analysis 09.09.2020 (second set)

      Forex Analysis 09.09.2020 (second set)

      • Posted by Mihai Iacob
      • Categories Forex Analysis
      • Date September 9, 2020
      • Comments 0 comment
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      AudChf- I expect a new leg down:

      AudChf found a clear top in 0.67 zone and after an initial drop to 0.66 the pair confirmed yesterday 0.67 as strong resistance and a steep drop fallowed.
      My initial 0.66 target was reached and now the pair is correcting this first leg down.
      In my opinion, rallies should be sold for a break of 0.66, which will also confirm that we have a double top in place.
      My target for this trade is 0.65 and I will look for an entry with 1:2 R:R



      EurAud- 1.6250 is a good place to buy:

      EurAud found a strong bottom at 1.6150 zone and after a few days of consolidation in this zone the pair exploded to the upside.
      A correction followed, a new leg up and now we are again in a correction.
      This 1-2, 1-2 patterns usually are followed by big moves and I expect a strong leg up for this pair to at least 1.64.



      EurCad at channel’s resistance. What’s next?

      I followed this pair closely in the past 2 weeks with a clear idea, the drop from 1.6 is corrective in nature and EurCad should resume its bull run.
      Now the pair is trading close to downward channel resistance and I expect a break soon.
      Dips around 1.55 should be bought and as the first target 1.57 should suffice for now.



      WTI OIL- Above 40 should be sold:

      Since mid-June, WTI OIL traded in a long rising wedge . Finally, we had the break of support followed by a 600 pips drop .
      Now Oil is recovering some of the losses, but I expect this to be just a correction before a new leg down.
      I will look for opportunities to sell WTI above 40 and my target is 32 with a great 1:4 R:R



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      Mihai Iacob
      Mihai Iacob is a full time trader, educator, mentor and author. He started his career in 2002 by trading on the local stock exchange in Romania. In 2004, he began his transition to international markets where he has been trading exclusively since 2007 with a strong focus on Forex trading. In 2007, he launched the educational site forexedu.ro with the aim of educating Romanian traders in forex trading and helping them on their way to becoming profitable traders. In 2019 he launches Optimoomfx Telegram channel, a trading signal channel, in which he posts its own transactions, but also analyzes and explanations for subscribers to learn as they earn.

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