FOREX MARKET WRAP: 16th October
The #Forex Market Wrap is here!
Follow the link to learn what key levels have been hit this week!
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Hi, and welcome to this Blueberry Markets video update with me, John Kibbler head, currency analyst.
In this video, we’re going to go through the Forex Market Wrap, and we’re going to identify the key levels of this week.
EUR/USD, which triggered our Blueberry Jam Trade, and we were looking for some downside to EUR/USD because we finally saw the four-hour change cycle.
For the past few weeks, we’ve been looking for this market to break down because we’ve been seeing the market create higher highs and higher lows. We were looking for the Dollar strength to come into play, and we finally started to see that now as price has now started to make lower lows on the four-hour time frame.
What we’re expecting here was the pullback into the previous structure point, which was just through here around about that 1.1730 area, reject and press to the downside in line with that Dollar strength. We’re expecting that to follow through into next week.
We really like the daily setup here, even the sort of weekly setup starting to get a bearish weekly close, which could signal further downside, almost like the first lower high of this weekly potential move down towards that 1400 area, we’ve been talking about for a while as well.
Definitely seeing a Dollar sort of strength starting to follow through. It wasn’t the greatest move that we’ve been expecting, but at the end of the day, it’s produced some nice moves. We’ve retested these structure points here, expecting maybe a push back down into this key area here.
How’s that left everything else? USD/CHF is starting to push back to the upside again, something we expected in the four-hour time frame here. A change cycle as well, it pressed back up. We’ve got this almost little range on the go here, where I’d like to see the price break out of and continue to the upside as well.
The Dollar here as well gaining some strength. Swiss Franc here losing a little bit of value that goes inside here, coincides with that EUR/USD.
EUR/AUD did eventually press back up. We’re seeing a little bit of a sort of false break out here at the moment. This has moved nicely in our favor. You could either look to close the position here or just let it run out. I’m going to right-click on this and close the position out. Don’t need to be involved with this market here at the moment.
Now just waiting for the fact that we’ve just kind of hovered here, and we could see some further upside. But, we’re only a few pips away from that target. You can close that down towards the end of the week. Don’t need to leave this one open over the weekend.
NZD/JPY, we still expect that drive down on Kiwi as well. You can see the weekly time frames looking pretty decent here, happy to leave this one–expecting the market to retest this structure point just through here. We can see there are nice lows on the weekly time frame.
I’m expecting the price to break through these lows, potentially heading back towards this area through here. But the first target’s just going to be this level. Looking for that to break down as well.
But the key level this week was this previous structure point. We were looking for the market to retest off these previous lows and break lower. Started to see that now which is great.
Same with NZD/USD. Again retrace to that structure point. Tried to break higher failed, and looks to be pushing back lower again. We can see these nice four-hour breaks lower are looking decent.
For me, it’s looking good to look for these opportunities going into next week, some Dollar strength especially is something that we are in back up we’ll see that hopefully come through.
One chart of interest that I’ll bring on the screen if I grab AUD/USD. Aussie’s been weak this week. We can see that from the weekly time frame. We can see on the daily timeframe as well, the price is breaking down.
Looking at the strength and weaknesses, it’s going to look like the Australian Dollar has lost weakness. The Dollar has gained strength, so the AUD/USD trend may be something that we keep an eye on for a further downside. Weekly time frame creating a bit of a lower high here. Are we seeing a pullback down into this 0.6970 area? Can we take advantage of that going into next week? We’ll take a look at the Forex Market Outlook.
But for the wrap, we’ve done pretty well this week Kiwi, NZD/JPY moved in our favor, Euro has moved in our favor, and USD/CHF started to move back in our favor as well. We have a EUR/USD position. So hopefully, these can continue in our favor into next week, and we get some more decent trading opportunities.
Thanks for watching the content. If you’ve enjoyed this week, please like and subscribe to the Youtube channel for some more and have a great weekend.
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