Technical Analysis (XAUUSD)

The Forex trading technical analysis for the price of gold (20th of October) reveals that it was around 1904.2 USD/Ounce early today. Under 1-hour-chart technical analysis, it rose sharply yesterday (19th), but pulled back after touching the resistance later. The candlestick is currently fluctuating below the middle Bollinger Band, so it is likely to pull back again after rebounding to resistance.

Currently, the short-swing upper resistance level lies between 1915.0~1917.0. The current support level lies between 1894.0~1896.0. Investors who wish to sell short could consider selling between 1906.0~1908.0 in the short-term and setting the stop loss above 1911.5.

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

Technical Analysis (EURUSD):

The price of EUR/USD (20th of October) was around 1.17663 early today. Under 1-hour-chart technical analysis, it surged under the influence of slump on US dollar. The candlestick is currently pulling back and lying below the middle Bollinger Band, so it is likely to keep falling.

Currently, the short-swing upper resistance level lies between 1.18000~1.18100. The current support level lies between 1.17300~1.17400. Investors who wish to sell short could consider selling between 1.17650~1.17750 in the short-term and setting the stop loss above 1.17850.

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

Technical Analysis (GBPUSD):

The price of GBP/USD (20th of October) was around 1.29398 early today. Under 1-hour-chart technical analysis, it rebounded sharply as predicted yesterday (19th), followed by a correction. The candlestick is currently lying below the middle Bollinger Band, so it is likely to continue the pullback.

Currently, the short-swing upper resistance level lies between 1.29800~1.29900. The current support level lies between 1.28800~1.28900. Investors who wish to sell short could consider selling between 1.29400~1.29500 in the short-term and setting the stop loss above 1.29600.

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

Technical Analysis (AUDUSD):

The price of AUD/USD (20th of October) was around 0.70628 early today. Under 1-hour-chart technical analysis, it plummeted after a small rally. The candlestick is currently lying between the lower and middle Bollinger Bands. The bands are facing downwards and expanding, so it is likely to continue the downward correction.

Currently, the short-swing upper resistance level lies between 0.70600~0.70650. The current support level lies between 0.70100~0.70150. Investors who wish to sell short could consider selling between 0.70450~0.70490 in the short-term and setting the stop loss above 0.70580.

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

Technical Analysis (USOUSD):

The price of USO/USD (20th of October) was around 40.49 this morning. Under 1-hour-chart technical analysis, it rose aggressively again yesterday, but made a retracement after reaching the resistance. The candlestick is currently lying between the lower and middle Bollinger Bands. The bands are facing downwards, so it is likely to continue the decline.

Currently, the short-swing upper resistance level lies between 40.90~41.00. The current support level lies between 39.80~39.90. Investors who wish to sell short could consider selling between 40.40~40.48 in the short-term and setting the stop loss above 40.63.

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

Technical Analysis (Nas100):

The NASDAQ (20th of October) was around 11717.4 this morning. Under 1-hour-chart technical analysis, it made a huge decline after rising to resistance as predicted yesterday (19th). The candlestick is currently lying between the lower and middle Bollinger Bands. The bands are facing downwards, so it is likely to continue dropping.

Currently, the short-swing upper resistance level lies between 11800.0~11820.0. The current support level lies between 11580.0~11600.0. Investors who wish to sell short could consider selling between 11730.0~11750.0 in the short-term and setting the stop loss above 11780.0.

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

Economic Calendar (20th of October)

(Source: https://www.investing.com/economic-calendar/)

MT4 Server TimeCurrencyDataImportance
10:00  NZDNZIER Business Confidence (Q3)★★
22:00  AUDRBA Assist Gov Kent Speaks  ★★
33:30  AUDRBA Meeting Minutes  ★★★
44:30  CNYPBoC Loan Prime Rate★★★
59:00  EURGerman PPI (MoM) (Sep)★★
612:30  GBPMPC Member Vlieghe Speaks  ★★
715:30  USDBuilding Permits (Sep)★★★
815:30  USDBuilding Permits (MoM) (Sep)★★
915:30  USDHousing Starts (MoM) (Sep)★★
1015:30  USDHousing Starts (Sep)★★
1116:00  USDFOMC Member Williams Speaks  ★★
1216:00  RUBRetail Sales (YoY)★★
1317:50  USDFOMC Member Quarles Speaks  ★★
1418:00  NZDGlobalDairyTrade Price Index★★
1519:00  RUBGDP Monthly (YoY)★★
1620:38  RUBRetail Sales (YoY) (Sep)★★
1720:38  RUBUnemployment Rate (Sep)★★
1823:30  USDAPI Weekly Crude Oil Stock★★

(Importance: maximum three stars ★★★)

Risk Warning !!!

The views or opinions as expressed in the above article represent the personal views or opinions of the author and do not represent those of IV Markets Limited (“IV Markets”). IV Markets has no obligation to independently check or verify the author of the article and the information provided in the article. Accordingly, IV MARKETS does not take responsibility for such article.

This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. IV Markets is not authorized to provide investment advice. No opinion given in the material constitutes a recommendation by IV Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

Trading with IV Markets can result in losses that exceed your deposits. Consumers should ensure they understand the risk and seek independent financial advice if necessary.

IV Markets is designed for clients to trade in the forex market, it is regulated by the Seychelles Financial Authority (FSA), license number: SD049.