FXOptimax Market Analysis

12th October 2018 Market Outlook


Japanese Yen – USD/JPY pullback all its way down into its 111.73 support level yesterday which could potentially cause price to bounce higher. Given that the trend is still bullish, traders may consider buying into this market to jump on the bullish trend. Ideally we would prefer to see some price rejections or any other form of confirmations before buying into this market to avoid false signals.

USDJPYrDaily

 

Gold – Gold breakout above its consolidation yesterday which opened up the door for potential further rally. Conservative traders may wait for short setups as the long term trend is still bearish while aggressive traders may hunt for potential buy setups to jump on the potential bullish swing. Traders may also hunt for potential buy setups if price pullback into its 1212.00 support level.

XAUUSDrDaily

 

Pound Kiwi – We have a key support level below in GBP/NZD at 2.0000 price level which is also a big round number and psychology level. Given that the trend is still bullish, traders may consider buying into this market if price pullback into this key support level. Ideally we would prefer to see some price rejections or any other form of confirmations before buying into this market to avoid false signals.

GBPNZDrDaily

Posted on 2018-10-12 06:30:18

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