Technical Analysis (XAUUSD)

The Forex trading technical analysis for price of gold (16th of October) reveals that it was around 1907.9 USD/Ounces early today. Under 1-hour-chart technical analysis, it rebounded after the decline from yesterday (15th). The candlestick is currently lying between the middle and upper Bollinger Bands. The bands are facing upwards, so it is likely to rise again after a pullback.

Currently, the short-swing upper resistance level lies between 1918.0~1920.0. The current support level lies between 1900.0~1902.0. Investors who wish to go long could consider buying between 1906.0~1908.5 in the short-term and setting the stop loss below 1902.5.

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

Technical Analysis (EURUSD):

The price of EUR/USD (16th of October) was around 1.17085 early today. Under 1-hour-chart technical analysis, it plummeted as predicted yesterday (15th). After dropping below the neckline, its falling momentums continued to be continued to widened its falling momentum. The candlestick is currently rebounding from the bottom and lying near the middle Bollinger Band. It is likely to continue rebounding after lying firmly on above the middle band.

Currently, the short-swing upper resistance level lies between 1.17300~1.17400. The current support level lies between 1.16900~1.17000. Investors who wish to go long could consider buying between 1.17050~1.17150 in the short-term and setting the stop loss below 1.16950.

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

Technical Analysis (GBPUSD):

The price of GBP/USD (16th of October) was around 1.29038 early today. Under 1-hour-chart technical analysis, it plummeted after dropping below the middle Bollinger Band as predicted yesterday (15th). The candlestick is currently fluctuating slightly in the lower pointnear the swing low, so it is likely to rebound from the bottom.

Currently, the short-swing upper resistance level lies between 1.29700~1.29800. The current support level lies between 1.28600~1.28700.

Investors who wish to go long could consider buying between 1.28950~1.29050 in the short-term and setting the stop loss below 1.28800.

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

Technical Analysis (AUDUSD):

The price of AUD/USD (16th of October) was around 0.70930 early today. Under 1-hour-chart technical analysis, it plummeted after dropping below the low point within the trendlineswing low as predicted yesterday (15th). The candlestick is currently fluctuating slightly in at the low point, so it is likely to rebound after falling to the bottom.

Currently, the short-swing upper resistance level lies between 0.71100~0.71150. The current support level lies between 0.70600~0.70650.

Investors who wish to go long could consider buying between 0.70750~0.70800 in the short-term and setting the stop loss below 0.70650.

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

Technical Analysis (USOUSD):

The price of USO/USD (16th of October) was around 40.70 this morning. Under 1-hour-chart technical analysis, the candlestick reversed after touching the resistance level yesterday (15th). Later it touched the bottom and skyrocketed again. Currently, the candlestick is dropping from after a rising failure, so it is likely to continue to decline.

Currently, the short-swing upper resistance level lies between 41.00~41.10. The current support level lies between 40.00~40.10. Investors who wish to sell short could consider selling between 40.55~40.65 in the short-term and setting the stop loss above 40.85.

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

Technical Analysis (Nas100):

The NASDAQ (16th of October) was around 11904.0 this morning. Under 1-hour-chart technical analysis, it continued to drop as predicted yesterday (15th). The candlestick is currently rebounding and lying between the middle and upper Bollinger Bands. It is likely to rise again after a pullback.

Currently, the short-swing upper resistance level lies between 12050.0~12080.0. The current support level lies between 11770.0~11800.0. Investors who wish to go long could consider buying between 11900.0~11930.0 in the short-term and setting the stop loss below 11850.0.

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

Economic Calendar (16th of October)

(Source: uk.investing.com)

 TimeCurrencyDataImportance
1.10:00EURCPI (YoY) (Sep)★★★
2.10:00EURCPI (MoM) (Sep)★★
3.10:00EURTrade Balance★★
4.13:30USDRetail Prices (MoM) (Sep)★★★
5.14:15USDIndustrial Production (YoY) (Sep)★★
6.15:00USDBusiness Inventories (MoM) (Aug)★★
7.15:00USDMichigan Consumer Sentiment (Oct)★★

(Importance: maximum three stars ★★★)

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