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FOREX MARKET WRAP: 23rd 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.

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In this video, we’re going to go over some currencies and some commodities of interest. We’re going to go over the key levels that may or might not have been hit this week.

So, gold was one chart we outlined as we were expecting some further downside on. Discussed this little sort of move, just through here.

The trend line that was just running through here. And we’re looking for the market to break out of that trendline. We have seen that happen now. Prices now pull back into this key little minor resistance zone, and it’s currently just sort of rejecting that at the moment.

We go to an hourly time frame. You can see lots of wicks in this area at the moment. So, looking at the weekly time frame or even just jumping into this daily time frame, it looks to me like the price is still sort of capped at this sort of level through here, around about that 1916 area.

Looking for the market to come and retest this major support zone, around about that 1858 area. Looking for a price to drop still, looking for the market to really push towards this area, and then maybe we see that long opportunity that we’ve been talking about for a while.

Still looking for that, so still got this zone just through here, marked up. Waiting for this zone to be hit. Looking for the market to really start breaking down.

If we get some really good four-hour low breaks on this, this would be nice to look for a pullback into these lows around about that 1900 area. Pull back, look for that short into that zone through there.

So, gold’s still looking good for some downside. I still like the option of shorting gold.

Euro,very bullish this week. We haven’t really seen what we were expecting to see. We were looking for the lower high. We were looking for that Dollar strength ultimately to come through, hasn’t come through. The price has completely ignored that, and we started to see some moves to the upside.

Again now, we did have that change in trend through here on the daily. We had the change in trend here on the four-hour, which we were all lining up for that impulse move to come, and retest these lows. Just didn’t follow through. The price then broke these highs has closed above, and even if we go look at that four-hour time frame on Euro, the price just looks more bullish than anything. We’ve got those highs being broken through here, re-test. Re-test of structure highs, the market looks to be pushing to the upside. If we continue to make those four-hour higher highs, I think we’re going to see that Dollar weakness comes through. I wouldn’t be expecting to see any upside until we saw any kind of really significant changes to that daily structure again.

Just got to be patient here. Let’s see how this one plays out. Looks to me like we’re going to see some further upside. Just be a little bit careful that we do have this key major resistance level around about that’s one 1940 area, but the market found resistance in the past. We could be heading back towards this level through there.

The Pound has been an interesting chart. The market is really strong this week. This was something that we were looking at in terms of against the weaker currencies like GBP/AUD and things like that. We’re looking good for long opportunities.

The market really still in this weekly uptrend, and pull back into these previous weekly highs, which may not want to be a seller of the Pound because we have that nice trend in formation through there.

Daily time frame as well created this nice higher high movement, and we’ve again going down into that four-hour, you can see that price very much trending to the upside on the four-hours.

So Pounds still looking quite strong for the week and expecting some maybe some further Pound long opportunities going through into this into next week.

My favorites of this week were GBP/AUD, GBP/AUD, and potentially GBP/CAD. GBP/CAD had a really nice transition recently. If we can just find that on the charts here. Here we go.

So, GBP/CAD nice little breakout from move through here but actually go to the four-hour time frame price is now sort of retesting this four-hour structure through here.

We could see some further upside out of this, but weekly looks to be creating almost a higher low just through there could see some further upside from this. Expecting some upside to this GBP/CAD pair.

Pound in general looking a bit bullish across the board. Expecting that Pound strength to continue and Euro looking a bit stronger as well. So really next week we’ll take a look at the extreme from weakness, see if there have been any decent changes to that.

A lot of mixed messages out of it recently. So hopefully, we get a bit more clarity into next week’s Forex Market Outlook video, and I’ll speak to you soon. Have a great weekend!

Apply what you learned from this forex market wrap in your future trades with the GBP/CAD currency pair. The good news is you can test your trading strategy risk-free. Signup for a free Blueberry Markets demo account by clicking here.   


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