Technical Analysis (XAUUSD)

The Forex trading technical analysis reveals that the price of gold (07th of October) was around 1878.6 USD/Ounces early today. Under 1-hour-chart technical analysis, it dropped sharply as predicted yesterday (6th). The candlestick is currently making a small rebound from the bottom and creating a long lower shadow pattern. It is also lying above the 5-days moving average, thus it is likely to continue rebounding.

Currently, the short-swing upper resistance level lies between 1890.0~1893.0. The current support level lies between 1873.0~1876.0. Investors who wish to go long could consider buying between 1878.0~1880.0 in the short-term and setting the stop loss below 1875.5.

Forex Trading Market Analysis for Gold
Forex Trading Market Analysis for Gold

Technical Analysis (EURUSD):

The price of EUR/USD (07th of October) was around 1.17324 early today. Under 1-hour-chart technical analysis, it dropped sharply as predicted yesterday (6th). The candlestick is currently fluctuating slightly around the low point, and the 5-days moving average is facing upwards. It is likely to rebound from the bottom.

Currently, the short-swing upper resistance level lies between 1.17700~1.17800. The current support level lies between 1.17000~1.17100. Investors who wish to go long could consider buying between 1.17350~1.17450 in the short-term and setting the stop loss below 1.17200.

Forex Trading Technical Analysis for EURUSD
Forex Trading Technical Analysis for EURUSD

Technical Analysis (GBPUSD):

The price of GBP/USD (07th of October) was around 1.28754 early today. Under 1-hour-chart technical analysis, it failed to surge and pulled back yesterday (6th), it then dropped sharply after diving below the middle Bollinger Band. The candlestick is currently fluctuating slightly around the low point. It is likely to rebound from the bottom.

Currently, the short-swing upper resistance level lies between 1.29300~1.29400. The current support level lies between 1.28300~1.28400.

Investors who wish to go long could consider buying between 1.28800~1.28860 in the short-term and setting the stop loss below 1.28660.

Forex Trading Technical Analysis for GBPUSD
Forex Trading Technical Analysis for GBPUSD

Technical Analysis (AUDUSD):

The price of AUD/USD (07th of October) was around 0.71000 early today. Under 1-hour-chart technical analysis, the candlestick dropped sharply as predicted yesterday (6th), it is now lying between the middle and lower Bollinger Bands, with the bands facing downwards. It is likely to fall after rebounding to the resistance level.

Currently, the short-swing upper resistance level lies between 0.71500~0.71550. The current support level lies between 0.70850~0.70900.

Investors who wish to sell short could consider selling between 0.71280~0.71330 in the short-term and setting the stop loss above 0.71400.

Forex Trading Technical Analysis for AUDUSD
Forex Trading Technical Analysis for AUDUSD

Technical Analysis (USOUSD):

The price of USO/USD (07th of October) was around 39.66 this morning. Under 1-hour-chart technical analysis, it rose again after a pullback yesterday (6th). The candlestick is currently lying between the middle and upper Bollinger Bands, with the bands continuing to face upwards, it is likely to rise again after a pullback.

Currently, the short-swing upper resistance level lies between 40.65~40.75. The current support level lies between 39.10~39.20. Investors who wish to go long could consider buying between 39.80~39.90 in the short-term and setting the stop loss below 39.70.

Forex Trading Technical Analysis for US Oil
Forex Trading Technical Analysis for US Oil

Technical Analysis (Nas100):

The NASDAQ (07th of October) was around 11237.4 this morning. Under 1-hour-chart technical analysis, it dropped sharply as predicted yesterday (6th). The candlestick is currently rebounding from the bottom, lying between the middle and lower Bollinger Bands, with the bands facing downwards. It is likely to drop again after rebounding to the resistance level.

Currently, the short-swing upper resistance level lies between 11390.0~11410.0. The current support level lies between 11180.0~11200.0. Investors who wish to sell short could consider selling between 11450.0~11470.0 in the short-term and setting the stop loss above 11500.0.

Forex Trading Market Analysis for NASDAQ
Forex Trading Market Analysis for NASDAQ

Economic Calendar (7th of October)

(Source: uk.investing.com)

 TimeCurrencyDataImportance
1.07:00EURGerman Industrial Production (MoM) (Aug)★★
2.07:45EURFrench Trade Balance (Aug)
3.08:30GBPHalifax House Price Index (MoM) (Sep)★★
5.15:30USDEIA Refinery Crude Runs (WoW)

(Importance: maximum three stars ★★★)

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