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Forex Daily Technical Outlook - 19 Oct 2021

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What Charts Look Good Today?

Today we have extra interest in USDCHF, XAUUSD and GBPUSD.

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Daily Chart
AUDUSD closed with a bearish doji on the daily chart, suggesting that price may be correcting. The RSI is still bullish, and the ADX has started slightly increasing, marking a new bull trend is likely.

1H Chart
Price has bounced from the inner trendline support, and remains trading above the moving averages. The moving averages are trading in a clear bullish cross.


Daily Chart
Price still holds below the range resistance level at 1.16120. We are still watching for range to have a clear break out.

1H Chart
Price has faked out slightly on either side of the current trading range. We are looking for this to break clearly to the upside or downside. The short term moving averages (50,100, 200 hour) are in a bullish cross, but price and the short term moving averages hold below the 500 hour average. Once price has broken out of this range we will look to trade.


Daily Chart
The daily candle has closed as an inside bar pattern, which is typically a bullish continuation pattern. Once we see yesterdays high broken this pattern will be confirmed. The RSI is bullish, however trendline resistance remains in place.

1H Chart
Price has formed support at structure (the 1.37170 level). If this support breaks we will look for support at 1.3650, however remain bullish on the pair. We anticipate upside today from the 1.37170 level.


Daily Chart
Price has formed a head and shoulders pattern, and has retested the neckline as resistance. The RSI has broken below the 50% level, and we anticipate a bearish move to continue.

1H Chart
Price is holding structural resistance around 0.9260, and the RSI is holding below the 50% level. All technicals are pointing to continued downside on this pair.


Daily Chart
Gold has closed another day as bearish, and we anticipate this bearish momentum will continue.
The RSI has now dropped below the 50% level, and price looks likely to test the trendline support around 1740.

1H Chart
Price is holding the 0.236% fibo level as resistance, and we are looking for the downside to continue into the -27% extension support at 1750. The RSI is also holding below the 50% level, and we anticipate the downside to continue.

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