Wednesday, 10 October 2018
FX TS
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trading signals
EUR / USD
On Tuesday, US dollar had a good chance to update local monthly lows against the European currency. As a result, EUR / USD briefly dipped into $ 1.1430, breaking through the support of $ 1.1460. Further developments showed that this was a false breakdown and in US session the quotes of the pair returned above $ 1.1460 and set a session high in the $ 1.1515 zone. Thus, our expectations were completely met. US dollar weakness and overbought were evident at the beginning of the week. Now the markets need to return the pair above $ 1.1515 before the end of the week to provide the proof of their upward intension. We need to wait and expect further developments to open long positions. We also believe that it is extremely dangerous to open shorts at these levels.
Trading recommendations – longs only after market consolidation above the level of 1.1515
GBP / USD
Yesterday this market was trading very technical way and according to our expectations. GBP / USD adjusted to the first support (area 1.3035) and moved to growth during which the two-week maximum was updated. This is a major achievement for the British currency in the current negative fundamental background - the lack of positive news on Brexit and domestic political difficulties in Britain. After the local correction, the pair may continue to grow to 1.3225.
Trading recommendations – longs around 1.3100
AUD / USD
The correctional impulse of the pair developed slightly stronger - the Australian dollar rolled back to the area of 0.7125. After reaching this mark, the upward correctional move began to lose the momentum. The current levels are interesting for medium-term shorts as the fundamental background for the Australian currency is highly negative.
Trading recommendations - shorts
Gold
Gold is trading volitile throughout the first half of the week. Yesterday, the market was again declining to $ 1182 and again confirmed the sustainability of this support level. The market rolled back to $ 1190, but could not overcome this mark. Today, the weak pressure on the precious metal has resumed, quotes fell to $ 1187. We are waiting for the market to overcome the resistance of $ 1,190 to open long positions.
Trading recommendations- longs when the market overcomes resistance $ 1190
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