Daily Trade Ideas: 17/10/18 2:30 AEST
XAUUSD approaching resistance, potential drop!
XAUUSD is approaching our first resistance at 1240.55 (horizontal pullback resistance, 38.2% Fibonacci retracement, 61.8%, 100% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 1209.50 (horizontal pullback support, 38.2%, 50% Fibonacci retracement).
Stochastic (89,5,3) is also approaching our resistance and we might see a corresponding drop in price should it react off this level.
USDCHF approaching support, potential bounce!
USDCHF is approaching our first support at 0.9862 (horizontal overlap support, 23.6% Fibonacci retracement) and a strong bounce might occur above this level pushing price up to our major resistance at 1.006 (horizontal swing high resistance, 61.8% Fibonacci extension, 76.4% Fibonacci retracement).
RSI (21) is also bouncing off support and we might see a corresponding rise in price.
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