Forex Analyzes 09.17.2020

Gold- 1940 is last line of defense for bulls:

If you’ve read my analysis from the past week or so, you noticed that I became bearish Gold .
I explained the reasons in my previous analyzes ( check related ideas).
Gold does not disappoint me and after a short spike above 1970, the price dropped hard and is trading now in 1940 zone.
This support is, in my opinion, the last line of defense for bulls, and a break here would accelerate losses to 1910 zone.
On the medium term I expect also this support to fall and Gold could drop to at least 1850

EurUsd: I maintain my 1.15 medium term target:

In one of my previous analysis, I ve spoken about the sloping flag that can mean a top in EurUsd’s medium-term evolution.
Yesterday EurUsd dropped and today reached my 1.1750 target for my short trade.
The medium-term donw trend looks like is taking shape with “tree black crows” with today’s candle.
I will look to sell rallies again and a break under 1.1750 would probably accelerate losses for the single currency.

GbpUsd- Where to sell?

Two days ago I said that GbpUsd can correct to 1.3 resistance. The pair did not disappoint and yesterday touched exactly 1.3.
The correction from 1.2750 is forming a flag which is not complete at this point so we need to wait
Personally, I will look to sell rallies above 1.3 with a target of 1.2750 for this pair.

AudUsd- is Aussie finally done?

From the beginning of June, AudUsd is trading in an ascending channel which is contracting and contracting and looks more like a rising wedge .
We also have a false break above the channel’s resistance which, in my opinion, marks the top for the pair.
Is clear for me that Aussie lacks power at this point and a much-nedded correction is just around the corner.
At the time of writing AusUsd is trading at 0.7266 and a daily close under 0.7250 would reinforce my opinion and should trigger sales for the pair.
My soft target for this pair is 0.7 but Aud can fall even to 0.68 which is the target for the rising wedge pattern.