Tuesday, 23 October 2018
FX TS
Labels:
trading signals
EUR/USD
Monday USD growth provided strong pressure for EUR/USD and brought this market down to local lows around 1.1440-1.1460. However, Euro is oversold and more downward moves are only possible once 1.1430 level is broken. However, the possibility of upward correctional move is also quite possible. In this case the market will meet the resistance zone around 1.1515 level.
Trading recommendations – longs in area 1.1440-1.1460
GBP/USD
Yesterday GBP experienced a strong sell-off amid tough fundamental background. In the European session, GBP/USD breached through psychological support 1.3000 and marked new local minimums around 1.2930. Today a slight market upward pullback has emerged but now 1.3000 area is strong zone of resistance. The further developments will depend on the 1.3000. if market can return above 1.3000 this will bring back the positive sentiment to this market. Otherwise, we will see a rebound from 1.3000 and more bearish sentiment. Quite interesting that the possibilities are equal and this is exactly the case when it is better to stay out of the market and wait for the market development.
Trading recommendation – out of the market
AUD/USD
Australian dollar price has declined to the local lows area 0.7040 and then returned to some growth amid shorts close and profit taking. We recommend closing shorts unless someone hasn’t done it earlier. The target of the last market impulse has been reached and the market is getting ready for another story. We might see pullback and then the return of downward move. The support zone is located close to the price and this is 0.7040 zone, the resistance is also not far from the rate and it is 0.7100 area.
Trading recommendation out of the market
Gold
The gold market is still the most interesting market to watch and trade. Today gold displays the intention to leave the range of sideway consolidation where gold has been trading since 11th of October. This consolidation is a evident flag pattern and this means the continuation of current upward tendency. Yesterday the market declined to $1220 support providing new perfect opportunity to join the current upward move. Today in early European session, the gold approached the upper limit of current consolidation $1233 and tries to widen attacking breakthrough. However it is a kind dangerous to open longs at current levels. We need to wait and see the market consolidation above 1235.
Trading recommendation –careful longs after consolidation above 1235 or after correctional oullback lower
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