Weekly Forex technical forecast October 5-10

Technical analysis of the Forex market for the upcoming week, October 5-9. As part of the review we will consider the main opportunities for practical trading for the next 5 days.

EUR/USD

The Euro vs. the dollar makes oscillatory movements resulting in the price being between two quite strong levels: 1,1697 и 1,1757. The levels are quite close to each other and allow to talk about the formation of a narrow price range. If you look at the indicators, they all develop dynamically, but there are no specific signals that can be interpreted for trading. In this regard, we can only say that as long as the price is within the range, it is impossible to trade. Further on, it is most likely that the price will fall below the range and then it will be possible to trade down. If it gets fixed upwards, you can trade upwards, but note that this movement will be corrected by moving average levels.

EUR/USD analytics on October 5-9
 Analysis of EUR/USD by moving averages, RSI and MACD

GBP/USD

The British pound strengthened against the dollar above 1.2769, followed by an upward movement. In fact, what we talked about in the previous review, fully worked and allowed to earn. The upward movement is interesting because the price simultaneously reached another level of 1.2974 and reached the level of moving averages. However, if you look at the histogram, it keeps growing, but the upward trend is weak and the columns often change color. This indicates the weakness of the upward movement, which means that we can consider options for downward trading.

GBP/USD analytics on October 5-9
GBP/USD analytics on October 5-9 GBP/USD analysis by moving averages, RSI and MACD

USD/JPY

This currency pair continues to show signs of descending trend formation. These signs can be clearly seen both on the indicators, which are looking downwards synchronously, and on the price chart. Once again, we note that an important level for the price is 105.169. There is now an attempt to fix the price below this level. If it fails to do so, it will be possible to trade down. It is necessary to wait for the price to fix below the level, because on the price chart you can see a candle with a long enough shadow down, which makes further trading dangerous.

USD/JPY analytics on October 5-9
Analysis of USD/JPY by moving averages, RSI and MACD

AUD/USD

After a rather strong decline, the Australian dollar against the American dollar last week showed a growth stage. Within the upward trend, there was a strong and impulse growth, which can be clearly seen in the trend line. This line has already been broken to the right side, which indicates that the impulse part of the movement is over. The current stage of the market is close to the level of 0.7110. In fact, our task is to wait for the price to go down to this level and work its movement off. It will be possible to trade from this level.

AUD/USD analytics on October 5-9

  AUD/USD parsing by moving averages, RSI and MACD

USD/CAD

The main hypothesis for trading with this currency pair is a graphical analysis. First of all, we once again note the importance of the level 1.3334. This level is most interesting if we consider it in conjunction with the latest uptrend line. Considering it allows us to speak about the current market stage as a triangle formation, and the current price of the asset is close to its peak. Therefore, as long as the price is inside the triangle, it is impossible to trade. We wait for the market to break through the triangle. It will be possible to trade in the direction of movement.

Как работать по индикатору MACD?
Analysis of USD/CAD by moving averages, RSI and MACD

USD/CHF

The dollar against the Swiss franc continues to develop near the level of 0.9218. It is very important to note that just recently the market has formed a candle with a very short body right on the marked levels and long shadows in both directions. The longest shadow is downwards. It is often said in technical analysis that the long shadow downwards is a harbinger of upward movement. This assumption is reinforced by looking at the histogram. The histogram repeats its previous local minimum. Besides, the histogram cannot make a strong downward trend movement for a long time. Thus, we consider trading upwards, but only when the price is above the designated level.

USD/CHF analytics as of October 5-9
Analysis of USD/CHF by moving averages, RSI and MACD

USD/RUB

The Russian ruble continues to fall against the U.S. dollar, and last week led to another strong upward trend part. As part of this movement, the histogram tested and showed local highs, while the oscillator was in the overbought area for a long time. Now there is a correction, but we note the fact that the market has been growing for a long time and we can only trade up. The optimal entry point will be close to 77.00, i.e. after the next stage of correction...

USD/RUB analytics as of October 5-9
Analysis of USD/RUB by moving averages, RSI and MACD

Gold

The price of gold is close to the level of 1909.434. You should pay attention to the indicators. The oscillator is on neutral values and does not give any signals. If you look at the histogram, it repeats the last 2 peaks. Thus, we can expect that the price will go down from the current stage. It is possible that the price will rise above 1909.434 and then it will be possible to trade up. However, we take into account that in the second scenario we will face a situation when the price will move through the level of moving averages.

Gold analytics on October 5-9
  Moving Average, RSI and MACD analysis of Gold
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