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Forex Daily Technical Outlook - 20 Oct 2021

Average: 5 (2 votes)

Markets Are Ready To Move!

Major Forex pairs have now moved into make-or-break levels, and we are ready for whatever they throw at us! Check out our full analysis below.

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AUDUSD

1D Chart
AUDUSD has pulled into key resistance at 0.7480, and we're looking to see if price breaks or bounces from this level. Our bias is for upside to continue, but we are watching to see where the market wants to go.

1H Chart
The 1H RSI has shown bearish divergence, and the ADX has now started to decrease, suggesting we may see a pullback in the trend from this resistance level. Price is still in a bull market, and there are to existing trendline supports.

EURUSD

1D Chart
Price has now broken out of the descending wedge chart pattern, and we are looking for a bullish continuation into the 1.1720 resistance region. The RSI is still at bearish levels, so proceed with caution.

1H Chart
Price has pulled back into the moving average ribbon, which is acting as dynamic support. The 50,100 and 200 hour averages are all in a bullish cross. Whilst price remains above these levels we are continuing to look for upside.

GBPUSD

1D Chart
As we outlined in yesterday's outlook, GBPUSD had formed an inside bar (bullish) pattern, and we anticipated continued upside which has played out. Price is now testing trading above the resistance trendline, and we anticipate upside will continue.

1H Chart
Price has performed a break and retest pattern of the daily resistance trendline and previous 1H highs. The moving averages are in a bullish cross and we are looking for upside to continue today into the 1.38700 level.

USDCAD

1D Chart
Price is consolidating around the 1.2300 level support, and we are still looking for price to retest the structure at 1.2460. The daily RSI remains bearish, as does price action.

1H Chart
If price is able to break resistance at 1.2400 look for the continued move into 1.2460. If price breaks current daily support we will look for continued downside.

XAUUSD

1D Chart
On the daily chart price has formed a long upside wick, showing inability to hold price above 1770. We remain longterm bearish on gold and our looking at possible trade setups.

1H Chart
Resistance at 1780 rejected bulls, and we are now anticipating a break of this wedge pattern to the downside. We are looking for a move into 1750-1740.

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