Weekly Forex Forecast - 6 October 2019

Christopher Lewis

AUD/USD

The Australian dollar fell during most of the week but turned around to show signs of support. At this point, the market looks as if it is ready to continue to consolidate overall, reaching towards the 0.69 level. At this point, it’s very likely that the market may rally a bit during the week, but I would not expect much. However, we could see significant volatility due to the US/China trade talks, which kick off on Wednesday. Obviously, headlines could come into play.

audusd

GBP/USD

The British pound has gone back and forth quite a bit during the trading week, dancing around the 1.2350 level. Ultimately, it looks as if the market is ready to make a move, but obviously there’s much more resistance above at the 1.25 level to keep this market down then there is support underneath. A break down below the bottom of the weekly candle stick could send this market looking towards the 1.20 level. I would anticipate a lot of choppy and back and forth trading over the next week or so.

Ultimately, this is a market that will be very difficult to trade, as there will be headline risk in a major way, and of course the never ending drama that seems to be the Brexit. At this point, short-term back and forth range bound trading is probably the most likely situation.

gbpusd

EUR/USD

The Euro initially fell during the week, but then turned around to show signs of life again. The 1.10 level is rather resistive though, and I think it also extends to the 1.11 handle. Signs of exhaustion will be used to start shorting this pair again and I will be looking to fade rallies as they come, because quite frankly this is a negative trend that still looks very strong.

eurusd

EUR/JPY

The Euro fell during the week again, reaching towards the ¥117 level. This is the bottom of the previous gap that has already been filled, so now the market is free to continue going lower. At this point, it looks like short-term rally should be sold, as the market will go looking towards the ¥115 level underneath.

eurjpy

About the Author
Christopher Lewis

Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.

Currency Pairs:
Comments

Did you have a good experience with this broker? A bad one? Tell our team and traders worldwide about your experience in our User Reviews tab. Your email address will not be posted.

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

1 User comments
Add Comment
Rozi hasan
2019-10-06 10:40:39Z

Gold how is up next


exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

Read more
Add new comment
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.