Inter-day Forex Analysis – Daily Charts – October 13, 2016

AUDUSD – Daily Chart


Price has been ranging and moving within a clear horizontal channel, 0.7450-0.7700. Price is currently very bearish but testing a strong trend support area. The moving averages are bullish, suggesting that the trend support area may hold and that price could break to the upside of the channel. Buying opportunities could exist around the trend support area and around the longer-term moving average. Trading opportunities could exist when price moves above or below the horizontal channel, creating a break-out trade.

USDCAD – Daily Chart


The USDCAD is currently testing a bullish channel resistance area. The moving averages are slightly bullish, suggesting that price may move above the channel resistance. Buying opportunities could exist if price moves above the channel resistance area, around the previous horizontal resistance (now support) at 1.3220 and around the dynamic support of the moving averages.

XAUUSD – Daily Chart


Recent price action has been very bearish. Price is below the moving averages and has closed below some clear horizontal support levels, suggesting that price may attempt to downtrend. The moving averages confirm this – they are tightening and could cross bearish, suggesting that price may move lower. Selling opportunities could exist around the dynamic resistance of the moving averages, around the previous horizontal support (now resistance) at 1307.25 and around the diagonal resistance area.

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