FXOptimax Market Analysis

4th October 2018 Market Outlook


Euro Dollar – EUR/USD continue to decline lower after price breakout below its consolidation as we expected in our 27th September 2018 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position with a trailing stop behind as price is likely going to continue with its decline in the near term. Traders who missed the shorting opportunity may still hunt for potential short setups if price pullback into resistance level.

EURUSDrDaily

 

Norwegian Krone – USD/NOK is making its way back into its 8.3250–8.2900 resistance area. If price indeed pullback into its 8.3250–8.2900 resistance area, traders may then consider shorting this market to jump on the bearish momentum. Ideally we would prefer to see some price rejections or any other form of confirmations before shorting this market to avoid false signals.

USDNOKrDaily

 

Pound Aussie – GBP/AUD continue to rally higher after price pullback into its 1.7950 support level and rejected it as we expected in our 25th September 2018 Market Outlook. Traders who went long as we recommended may consider continue holding onto the long position with a trailing stop behind and have the first target set near 1.8470 resistance level.

GBPAUDrDaily

Posted on 2018-10-04 06:30:04

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