Weekly Forex technical forecast October 12-16

EUR / USD
The euro against the dollar is making a forward movement upward, during which a clear trend line is traced, and the movement itself has already risen above two strong levels. It is characteristic that the upward movement ended at the level of the moving averages and tested it at least 3 times, followed by a downward rollback. Another important characteristic is that all indicators are already looking down. Thus, it can be expected that as soon as the price drops below the trend line and below the level of 1.1757, it will be possible to trade down. An alternative scenario is growth, but it will be possible to trade for an increase only when the price consolidates above the level of the moving averages.

analytics EUR / USD for October 12-16
parsing EUR / USD by moving averages, RSI and MACD


GBP / USD
The British pound against the US dollar is developing in the stage of a local upward movement, which is capped at the level of 1.2975. The current market stage is characterized by the fact that the price is close to the moving averages from a significant level for itself, suggesting an attempt to move upward. At the same time, the indicators are at rather low positions and do not speak about the trend movement. Thus, it can be assumed that if the market consolidates above the level of 1.2975, then it will be possible to trade upward with a target at 1.3145. Otherwise, if the trend line is broken downwards, it will be possible to trade down. Both scenarios are equally likely.

analytics GBP / USD for October 12-16
analysis of GBP / USD by moving averages, RSI and MACD


USD / JPY
For this currency pair, the main idea for trading is given by divergence. If we compare the indicators of price and indicators, then there is an obvious contradiction. The price rises and renews local maximums. Indicators of the price maximum do not confirm. This can be seen especially clearly in the histogram, which is falling. The oscillator is developing horizontally, but this also confirms the divergence. Thus, we can expect that the local upward dynamics of the dollar against the Japanese yen currency pair needs to be corrected, which means that options for trading down can be considered.

USD / JPY analytics for October 12-16
parsing USD / JPY by moving averages, RSI and MACD


AUD / USD
After strong fluctuations in both directions, the price of the Australian dollar against the US dollar is trading mainly within the rather narrow corridors of 0.7110 and 0.7140. At the same time, the indicators are close to neutral indicators and do not give any serious signals for trading. In this regard, it is most likely that the price continues to remain within this range, which means that given the fact that the price is near the upper line, you can trade down. Upward trading outside the range can only be considered if the price is able to break through not only the range, but also the level of the moving averages. The minimum price for an upward trade is 0.7210,

analytics AUD / USD for October 12-16
parsing AUD / USD by moving averages, RSI and MACD


USD / CAD
The triangle, which we spoke about in the previous weekly review, was worked out by the market, after which a strong fall followed. Previous positions can be closed, since the fall turned out to be quite impulsive and reached the target we spoke about. The downward movement took place in 2 stages, and as a result, all indicators are already at local minimum values. The oscillator is in the oversold zone for the first time in a very long time. Thus, we can expect that the market will need an upward correction, but such a correction can only be made if the price rises above the level of 1.3200

USD / CAD analytics for October 12-16
analysis of USD / CAD by moving averages, RSI and MACD


USD / CHF
The past week has led to a downward movement of the dollar against the Swiss franc. This move has reconnected the asset price and the moving average level. At the same time, it is characteristic that the oscillator has been trading in the area below 50 all this time, which confirms the strength of the downward dynamics in this part of the market. Moreover, if you look at the histogram, it has been growing for a long time, although it is still in the negative zone. Taking into account that the price has already tried to break through the level of moving averages several times, but it did not succeed, we can expect an upward movement to the level of 0.9218. Such trading will be dangerous and if you do not want to take risks, then it is better not to open a contract.

USD / CHF analytics for October 12-16
analysis of USD / CHF by moving averages, RSI and MACD

USD / RUB
For the first time in a long time, we observed a week when the Russian ruble strengthened its position against the US dollar. As a result, this allows drawing a downward trend line, which together with the main trend line forms a wedge pattern. The price is close to the top of this pattern, and you cannot trade until the pattern is broken. Further development of trade depends on which direction the market will break through this figure. Up and down breakouts are equally probable.

USD / RUB analytics for October 12-16
parsing USD / RUB by moving averages, RSI and MACD


Gold
The upward movement in gold over the past week allows drawing an uptrend line, which coincides with the main trend for all indicators. The current stage is still limited from above by the level of 1909.434 and the market cannot break this level and gain a foothold outside of it. This is largely due to the fact that the level from above is supported by moving averages and we see at least 2 situations where there was an attempt to break through both the level of moving averages and the price level, but this did not lead to success. Therefore, we expect that it will be possible to trade short if the market is below the trend line or trade up if the market can still break the level of 1909.434, but also break the level of moving averages.

Gold analytics for October 12-16
analysis of Gold by moving averages, RSI and MACD




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