2018-10-16
Overview:
Pivot: 1.3003
The USD/CAD pair has broken resistance at the level of 1.3003, which acts as support now. So, the pair has already formed a minor support at 1.3003. The strong support is seen at the level of 1.3003, because it represents the weekly pivot. In the H1 time frame, the RSI and the moving average (100) are still pointing to the upside. Therefore, the market indicates a bullish opportunity at the level of 0.6692. Buy above the minor support of 1.3003 with a target at 1.3045 then continue towards next objective of 1.3075 (this price is coinciding with the double top). On the other hand, if the pair closes below the minor support (1.3003), the price will fall into the bearish market in order to go further towards the strong support at 1.2958. Also, the double bottom is seen at the level of 1.2884. If the trend is buoyant, then the currency pair strength will be defined as following: USD is in an uptrend and CAD is in a downtrend. Moreover; we are still looking for a bullish market as long as the trend is set above the support of 1.2884.
Technical analysis of GBP/USD for October 16, 2018
2018-10-16
Pivot: 1.3003
The USD/CAD pair has broken resistance at the level of 1.3003, which acts as support now. So, the pair has already formed a minor support at 1.3003. The strong support is seen at the level of 1.3003, because it represents the weekly pivot. In the H1 time frame, the RSI and the moving average (100) are still pointing to the upside. Therefore, the market indicates a bullish opportunity at the level of 0.6692. Buy above the minor support of 1.3003 with a target at 1.3045 then continue towards next objective of 1.3075 (this price is coinciding with the double top). On the other hand, if the pair closes below the minor support (1.3003), the price will fall into the bearish market in order to go further towards the strong support at 1.2958. Also, the double bottom is seen at the level of 1.2884. If the trend is buoyant, then the currency pair strength will be defined as following: USD is in an uptrend and CAD is in a downtrend. Moreover; we are still looking for a bullish market as long as the trend is set above the support of 1.2884.
Technical analysis of GBP/USD for October 16, 2018
2018-10-16
The GBP/USD pair continues to move upwards from the level of 1.3170. Today, the first support level is currently seen at 1.3170, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 1.3055, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the GBP/USD pair to trade between 1.3170 and 1.3297. So, the support stands at 1.3170, while daily resistance is found at 1.3297. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.3170. In other words, buy orders are recommended above the spot of 1.3170 with the first target at the level of 1.3297; and continue towards 1.3432. However, if the GBP/USD pair fails to break through the resistance level of 1.3170 today, the market will decline further to 1.3050.
Analysis of Gold for October 16, 2018
2018-10-16
Recently, Gold has been trading upwards. As I expected, the price tested the level of $1,232.00. According to the H4 time – frame, I found the end of the 30-day downward correction (abc flat) in the background, which is a sign that buyers are in control. Most recently, I have found a potential end of the downward correction (running flat), which is another sign of strength. My advice is to watch for buying opportunities. The take profit levels are set at the price of $1,234.35 and at the price of $1,266.60.
GBP/USD analysis for October 16, 2018
2018-10-16
Recently, the GBP/USD pair has been trading upwards. As I expected, the price tested the level of 1.3207. According to the H1 time – frame, I found the end of the downward correction (regular flat type 2), which is a sign that selling looks risky. My advice is to watch for buying opportunities. The upward take profit levels are set at the price of 1.3254 and at the price of 1.3295.
Analysis of Gold for October 16, 2018
2018-10-16
Recently, Gold has been trading upwards. As I expected, the price tested the level of $1,232.00. According to the H4 time – frame, I found the end of the 30-day downward correction (abc flat) in the background, which is a sign that buyers are in control. Most recently, I have found a potential end of the downward correction (running flat), which is another sign of strength. My advice is to watch for buying opportunities. The take profit levels are set at the price of $1,234.35 and at the price of $1,266.60.
GBP/USD analysis for October 16, 2018
2018-10-16
Recently, the GBP/USD pair has been trading upwards. As I expected, the price tested the level of 1.3207. According to the H1 time – frame, I found the end of the downward correction (regular flat type 2), which is a sign that selling looks risky. My advice is to watch for buying opportunities. The upward take profit levels are set at the price of 1.3254 and at the price of 1.3295.
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