This week’s Forex trading forecast covers EURUSD, GBPUSD, AUDUSD, EURGBP and GBPCAD. Watch this first before trading these currency pairs! Find out exactly how Justin Bennett with Daily Price Action is trading them.
RESOURCES & LINKS:
Subscribe to Justin’s Channel Today:
(Video) Forex Trading Forecast for October 7 – 11, 2019
Need help with your trading? Join DPA today!
Download Justin’s Forex Charting Platform:
EURUSD buyers remain capped below the confluence of resistance between 1.0990 and the 1.1015 area.
However, support isn’t far below Friday’s price at 1.0900.
I discussed this area in last Saturday’s Forex trading forecast.
So far, that 1.0900 support region is intact.
However, until EURUSD bulls can get above 1.1015, the single currency is going to struggle in its attempts to carve a meaningful relief rally.
It’s make-or-break time for GBPUSD this week.
In last Saturday’s Forex forecast video, I pointed out this ascending channel support near 1.2240.
Notice how the British pound rallied from here last week.
So far, the relief rally is intact, but buyers do need to close the pair above 1.2380 this week to extend the rally.
If they can’t, we could see GBPUSD slip back toward the 1.2170 support level.
AUDUSD bounced from a familiar support level last week.
I wrote about this descending channel just before the sell-off in late July.
Last week’s bounce carved a bullish pin bar on the weekly time frame.
That could be enough to extend the AUDUSD higher this week.
However, Australian dollar bulls need to secure a daily close above 0.6800 to expose 0.6880.
EURGBP is at a crossroads to start the new week.
I’ve discussed this descending channel several times in recent weeks.
Friday’s session appears to have cleared the channel top, but as I wrote on Friday, the EURGBP still needs a daily close above 0.8920 resistance.
Until that happens, I have to question the integrity of last week’s breakout.
A break above 0.8920 would expose 0.9015 and perhaps 0.9090.
Alternatively, a close below the short-term ascending trend line would trigger the next leg lower and expose 0.8760 and perhaps 0.8680.
This GBPCAD inverse head and shoulders has been on our radar for some time now, including last Saturday’s Forex trading forecast.
As of now, the bullish reversal pattern is intact.
You can see how GBPCAD respected the 1.6250 support area I discussed last Saturday.
The pair is also respecting the 1.6330 support level as well as resistance at 1.6430/40.
Buyers need a daily close above 1.6430/40 this week to expose 1.6600.
A daily close back below 1.6330 would signal weakness, in my opinion.
Subscribe: http://bit.ly/2lTRJCh to learn more Forex tips and strategies.
Get free Forex setups: https://dailypriceaction.com/setups
Read more on my blog: https://dailypriceaction.com/blog
#forex #eurusd #gbpusd #audusd #eurgbp #gbpcad #forextrading
Disclaimer: Any Advice or information on this website is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Daily Price Action, its employees, directors or fellow members. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, spot forex, cfd’s, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.
High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, futures, and options and be willing to accept them in order to trade in these markets.