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.

easyMarkets - Dealer Insights


Anthony
Darvall

Tony has been a FX analyst for 10 years in the Sydney EasyMarkets Dealing Room, His ability to clearly communicate advanced forex Trade Ideas to retail clients and financial media is built on strong understanding of what factors are driving the markets. Key experience in Australian Dollar and Japanese...
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