[music and bell]
>> Hello everyone, Lawton here with
Verified Investing.
Talking with you another Forex Charts
video. This one about the exciting topic
of currencies. I know, I know you guys
can't wait for me to get into it. But
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With that being said, let's hop straight
into it and let me go ahead and share my
charts. And let's hop into it and start
with the pair of USD/GBP,
the Great British Pound.
Now, for this chart, we are steadily
moving in kind of a downtrend here on
this
USD/GBP.
But maybe that downtrend will have an
end. Will it? Well, let's take a look
and see what the charts have to say. The
first thing I am immediately drawn to
is a couple of trend lines like this,
right? There are continuously
um
building
trend lines here depending on how you
draw them, kind of creating kind of
wedge patterns, right? However, you want
to draw them. And what do we know about
wedge patterns? We know that when they
break,
right? Well, up or down, you could see
it continuation of it. For now,
this looks to have broken to the
downside, meaning
um
the either the US dollar is weakening,
the British pound is pushing up, or
both, right? And certainly their
relation to each other, USD is certainly
looking to slightly head lower.
The question is, well, where do you
expect to find support? Where could you
see a bounce in this conversion? Well,
for me,
first place I'm looking is right here
around
.70 32. So, slightly lower. In this
case, that would be about 1% lower. And
then there's the pivot low, the lowest
point that the US dollar has gotten
relative to the Great British pound this
year.
And since basically 2021. These are
going to be two levels to watch here
to see if USD Great British pound can
continue headed lower.
Or maybe sometimes you'll see a push
down, a retrace, and then push back into
this kind of wedge. But this is just
something that I'm personally keeping an
eye on on this pair.
Moving on to the euro, kind of similar
news. The patterns are slightly
different, but similar in that,
you know, for the USD Great British
pound, you're breaking a key trend line
to the downside. Same thing here for the
USD euro.
Coming down and breaking down from this
beautiful upsloping trend line. I mean,
we're looking at a similar story here as
far as levels of support. We're looking
for support at where this pivot down
here, just about this
uh 84 85 cent level. And then an
additional one down here, just slightly
below this 83 cent level. We're talking
how much further below?
About two uh
to 4% lower, right? Um
>> [cough]
>> Similar [clears throat] story. You're
you're finally broken uh essentially a
beautiful up-sloping trend line. If you
can continue to fall, you should find
support there. Um, do you favor a
bounce? Sure. You could favor a bounce
if it comes a little lower, maybe you
retrace to this, but ultimately this
looks like
pretty bearish. [clears throat]
And considering that the Euro and the
Great British Pound, those two pairs are
separate, it looks like the US Dollar
could be getting weaker.
But we have plenty of other to cover to
try and
try and find out.
For the USD/JPY, we've seen that the
United States Dollar was previously at
all-time highs
and then the, uh,
Japanese Yen, the government intervened
um,
to try and bring it down and and we've
seen that we've kind of retraced
>> [laughter]
>> back up.
From this fall,
we are now at the 50% retrace, just kind
of sitting there, right? But the
question is, are you potentially bear
flagging? Maybe if you,
you know, break this
uptrend, maybe you can get a fall. Well,
that's just something we're going to
have to keep an eye on. We're sitting,
you know, we're just at all-time highs
on the USD compared to the Yen.
So,
you know, it could be a good time to go
visit Japan, but overall, in the
structure, Japan has a lot of work to
do. Japan, the currency is and economy
is pretty weak in general, right? So,
we'll have to see if they can kind of
get their ducks in a row.
Next up, USD versus the CAD, Canadian
Dollar.
Um,
we were in a beautiful uptrend, but
broke this, broke a couple, really.
Broke a couple nice head and shoulders
patterns
here.
One head and shoulders there, and an
additional one here, but let's go with
this one and find that measured move.
Boom, would be a move down to like 1
37, $1.37 per.
So, we'll go ahead and see if this could
ultimately play out, but for the
meantime, nice fall here looking for
support in and around here around this
$1.38 USD per CAD.
Um
there should be some decent levels of
support here.
Moving on to the USD compared to Chinese
Yuan continuing to fall here approaching
the recent lows, the lows in 2022 and
2023.
That's ultimately where I think this is
going and ultimately where you're likely
to find support here
on the USD Yuan.
Down here around 6.7 and 6.
uh
basically all around 6.7. If If this
should drop any lower, I do certainly
think there's a there's a bounce
opportunity to play there. Then finally,
USD AUD, United States dollar compared
to the Australian dollar. Um
>> [laughter]
>> looking at this
we're breaking a nice uptrend and
creating a solid downtrend looking for
support down here just around 139 to
139.50,
$1.3950 USD to AUD. All right.
With that being said, that's all I have
for you today. Pretty much all the
charts we showed talked about how the US
dollar is likely getting weaker compared
to a lot of these pairs other than the
Japanese uh Yen.
But, we'll have to keep a broader eye
out for how but ultimately perform. That
being said, that's all I have for you
today. Please comment, like, and
subscribe. Thank you guys so much for
being members of Verified Investing, and
I hope to see you next time. Have a
great day.
Talk to you later. Bye-bye.