Weekly Forex technical forecast October 19-23

The euro against the dollar is at a local stage of the downward movement. This movement has already led to the fact that the oscillator is in the oversold area, the histogram is in the area below 0, and the price has reached the level of 1.1697. This level is very important, and it has already worked out, because, having reached it, the price reduced the fall and began to form candles with a very short body. Thus, an upward movement can be expected, but the optimal entry point will be formed at the moment when the market price manages to rise above the last downtrend line.

analytics EUR / USD for October 19-23
parsing EUR / USD by moving averages, RSI and MACD

The upward movement above level one 1.2975 was not strong. The market made a slight upward movement, followed by a reversal, during which the price tested the trendline down twice. Now the market is below the trend, below the designated level and in the area of ​​moving averages. The oscillator is at neutral values, which confirms the absence of a clear trend and impulsive movement. Typically, for the first time in a long time, the histogram dropped to the area below 0. We expect the downward movement to continue, but taking into account that the price tends to the level of moving averages.

analytics GBP / USD for October 19-23
analysis of GBP / USD by moving averages, RSI and MACD

The main characteristic of the last week for the dollar against the Japanese yen currency pair is that the market dropped below the moving averages and reached the level of 105.170. It is important that the downward movement slowed down when this level was reached. Moreover, if you look at the histogram, then at the same time it stopped gaining strength and its columns changed color. Thus, we can expect that the market has already reached the local minimum and then a reversal and an upward movement will follow. Moreover, the main upward dynamics is still strong.

USD / JPY analytics for October 19-23
parsing USD / JPY by moving averages, RSI and MACD

The price of the Australian dollar against the US dollar made a strong downward movement, as a result of which it was inside the sideways range of 0.7019 and 0.7110. If you look at the indicators, all of them confirm the absence of an obvious trend movement, since they are close to neutral values. At the same time, the oscillator periodically rises to the oversold area, then to the overbought area, but each time after that it returns to the level of 50. Therefore, for the coming week, we can expect the continuation of this trend and the currency pair trading within the designated range.

analytics AUD / USD for October 19-23
parsing AUD / USD by moving averages, RSI and MACD

After a fairly strong fall, the price of the dollar against the Canadian dollar made a progressive upward movement, which can be clearly traced both in the price chart and in all indicators. It is characteristic that all instruments started their upward movement from a local minimum for themselves. The price is now close to the strong level of 1.3200. There is still upside potential and as the major indicators are looking upwards, we can trade higher with the ultimate target at 1.3268. However, we take into account that the price will find resistance from above in the face of moving averages.

USD / CAD analytics for October 19-23
analysis of USD / CAD by moving averages, RSI and MACD

The main trend of recent weeks for this currency pair is downward. The past week has led to a market situation when the downtrend has already been overcome and there are prerequisites for considering the possibility of trading up. First of all, we note that the price is on the right side of the trend line. In this case, the histogram is already close to zero values ​​and to the exit in the positive area. It is important to note here that the price has slowed down near the moving averages. Theoretically, you can consider options for trading up, but this can be done only when the price rises above the moving averages, and therefore above the level of 0.9170.

USD / CHF analytics for October 19-23
analysis of USD / CHF by moving averages, RSI and MACD

The triangle, which we spoke about in the previous review, was worked out by the market towards growth. The market has already started an upward movement, which can be traced both on the price chart and on the positions of all indicators. Thus, in the current market situation, one can only confirm that trading is carried out in the direction of the breakout and in the direction of the main trend. Therefore, we are considering options for trading up.

USD / RUB analytics for October 19-23
parsing USD / RUB by moving averages, RSI and MACD

Last week, the price of gold made a false breakout upward, after which it returned to the boundaries of the triangle. This figure is still relevant and significant for gold trading. Once again, we confirm that as long as the price is inside the triangle, it is impossible to trade in the future, we wait in which direction the market will break through this figure and it will be possible to trade in the direction of the breakdown. Downward movements are most likely, since the level of moving averages is on top.

Gold analytics for October 19-23
analysis of Gold by moving averages, RSI and MACD

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