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Forex Daily Technical Outlook - 18 Oct 2021

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What's Happening In The Forex Markets Today?

over the last week we saw US Dollar selling, and international counterparts such as the AUD, NZD and GBP appreciate, especially against the JPY. Read on for our full outlook today!

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AUDUSD

Daily Chart
Price has continued to the upside after breaking the resistance trendline. We are still looking for upside into the 0.7480 level, and will watch here for either a break to the upside or a bounce back down. If price is able to break above this level we will continue watching for upside into the 0.7700 level!

1H Chart
Price is trading significantly above the 1H Support trendline, and the RSI has held the 50% level ass support, staying bullish. We anticipate price to push into the 0.7480 level just above.

EURUSD

Daily Chart
Price has held below the neckline resistance of 1.16120, and the trendline resistance remains in place. Could we see a final push to the downside in this descending wedge pattern?

1H Chart
Price is holding in a bullish flag pattern, however we need to see price break the range resistance for this pattern to be confirmed. The RSI is showing lacklustre movement, chopping around the 50% level, and the ATR is giving a ranging conditions signal. Look for the pair to break out of this trading range prior to entering.

GBPUSD

Daily Chart
GBPUSD is now powering to the upside, approaching the resistance trendline. We anticipate upside to break through the resistance trendline, however remain cautious below the trendline. Recently price faked out of a significant support zone prior to rallying up, a great true trend indicator for bulls.

1H Chart
GBPUSD held the 1.3650 pivot as support as we anticipate last week, and pushed to the upside. We anticipate this move will continued, breaking through the existing resistance trendline.

USDCAD

Daily Chart
USDCAD has broken the support trendline, formed a head and shoulders pattern and now we are looking for price to retest the broken support.

1HChart
Price is holding above Friday's low so far this week. If price is able to break the immediate resistance trendline we could see an upside movement press into the previous support turned resistance for that "break and retest" pattern we are looking for on the daily chart.

XAUUSD

Daily Chart
Price bounced out from the resistance trendline on Friday, as we were expecting. Price is now reaching the break or make point of this wedge pattern, and our bias is for a downturn in gold prices. We believe that the substantial short positions on precious metals from commercial traders will weigh price down.

1H Chart
Price is continuing to hold below the 1775 resistance, and we anticipate gold to retest this level and then drop today. Support remains around 1750-1755.

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