Daily Price Outlook

The USD/CAD currency pair, as of October 17, has been recorded at 1.3631, marking an appreciation of 0.15%. This assessment, based on a 2-hour chart timeframe, reveals distinct price benchmarks that can guide traders. A pivot point for the pair is found at 1.3637.

On the upside, potential resistances are outlined at 1.3695, followed by more substantial barriers at 1.3745 and 1.3785. In contrast, the downside reveals immediate support at 1.3607, with successive support zones at 1.3581 and 1.3545.

Delving into technical indicators, the Relative Strength Index (RSI) has posted a value of 48. This slightly sub-midpoint value suggests a mild bearish sentiment, as RSI values below 50 tend to be indicative of bearish sentiment.

From the perspective of moving averages, the 50-Day Exponential Moving Average (EMA) is situated precisely at the pivot point of 1.3637. This means that the pair is hovering around this average, indicating a potential tipping point between short-term bullish and bearish trends.

No particular chart pattern has been highlighted for the session. However, its implications are paramount in deducing price movement tendencies.

In summation, the overarching trend for the USD/CAD pair seems to lean bearish if it goes below 1.3637, with the possibility of turning bullish if it crosses above. Given the existing market sentiment and technical configurations, traders should be on the lookout for possible challenges or confirmations of these levels in upcoming sessions.

USD/CAD - Trade Idea

Entry Price – Sell Limit 1.36372

Take Profit – 1.35781

Stop Loss – 1.36778

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$591/ -$406

Profit & Loss Per Micro Lot = +$59/ -$40

Daily Price Outlook

On October 17, the AUD/USD currency pair is observed to trade at a value of 0.6350, showing an increment of almost 0.13% during the Asian trading session. This performance, as visualized on a 4-hour chart timeframe, presents several key price determinants that traders need to keep an eye on. The pivot point is identified at 0.6359. For those looking at potential hurdles, immediate resistance is pinpointed at 0.6376, followed by stronger resistance levels at 0.6400 and 0.6432. Conversely, immediate support for the pair is located at 0.6341, with further cushions at 0.6320 and a significant support point at 0.6287.

Turning attention to the technical indicators, the Relative Strength Index (RSI) reads at 59. This denotes a moderately bullish sentiment as the RSI value is above the halfway point of 50. This might indicate the presence of more buyers than sellers in the recent trading sessions.

The 50-Day Exponential Moving Average (EMA) is mapped at 0.6347. With the AUD/USD trading slightly above this marker, it suggests a short-term bullish inclination. However, the pair's current location, particularly with the completion of the 50% Fibonacci retracement at $0.6355 and the appearance of a Doji candlestick pattern right below this retracement, hints at potential selling pressure.

In terms of chart patterns, the aforementioned Doji candlestick beneath the 50% Fibonacci level seems to advocate for selling. This could indicate a pause or indecision among traders after recent price movements, and might even hint at a potential reversal.

To encapsulate, while there's a semblance of bullish momentum, the overall trend for AUD/USD appears bearish, especially if it moves beneath the 0.6359 pivot. If this bearish sentiment holds, we can anticipate the asset to test the aforementioned support levels soon.

AUD/USD - Trade Idea

Entry Price – Sell Limit 0.63581

Take Profit – 0.63202

Stop Loss – 0.63799

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$379/ -$218

Profit & Loss Per Micro Lot = +$37/ -$21

Daily Price Outlook

As of October 17, gold is trading at $1915.00, marking a significant place in the trading charts. With a focus on a 4-hour chart timeframe, several key price levels emerge to shape the day's trading landscape. The pivot point stands firm at $1909. Investors and traders would do well to watch out for the immediate resistance positioned at $1923, followed by subsequent resistances at $1933 and $1948. On the other side of the spectrum, immediate support is found at $1897. Further declines might find support at $1883 and then more robust support at the $1868 level.

Diving deeper into the technical indicators, the Relative Strength Index (RSI) is clocking in at 57. This value indicates a mild bullish sentiment, as the RSI figure surpasses the 50-mark, hinting at a slight tilt towards buying momentum in the market.

The 50-Day Exponential Moving Average (EMA) provides a valuable touchstone, currently resting at $1896.00. With the gold price trading above this EMA, it signifies a short-term bullish trend. This further substantiates the notion that the sentiment for gold remains buoyant, at least in the near term.

While specific chart patterns are yet to fully manifest, it's paramount for investors to remain vigilant. Patterns such as symmetrical triangles or upward channels could provide crucial insights into potential price breakouts, either bullish or bearish.

To sum it up, the overall trend for gold seems to be bullish, especially when prices remain above the $1896 mark. Conversely, slipping below this price could introduce bearish sentiments. As for the short-term forecast, given the prevailing indicators and price levels, gold may very well test its resistance levels in the near future.

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Limit 1909

Take Profit – 1943

Stop Loss – 1890

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$3400/ -$1900

Profit & Loss Per Micro Lot = +$340/ -$190

Daily Price Outlook

On October 16, gold exhibited a bearish sentiment, with its trading price falling to $1920.11, a decline of approximately 0.70% during the Asian trading session. This movement was documented over a four-hour chart timeframe, revealing noteworthy trends and potential market shifts.

Regarding vital data points, gold's current pivot point resides at $1900.57. For potential upward movement, resistance levels have been identified at $1967.03, escalating to $2000.26, and peaking at $2066.73.

On the opposing spectrum, should gold seek lower grounds, immediate support stands at $1866.01, further solidifying at $1799.54, and stabilizing at $1764.98.

From a technical standpoint, the Relative Strength Index (RSI) for gold is positioned at 73. This surpasses the 70 mark, indicating that gold is currently experiencing overbought conditions. Concurrently, the Moving Average Convergence Divergence (MACD) delineates a value of 4.33, contrasting with its signal line which is at 17.74.

This presents a scenario where the MACD line has maneuvered above its signal counterpart, implying a potential bullish momentum. However, the 50-Day Exponential Moving Average (EMA) clocks in at $1872.29. With gold's price situated above this EMA, the metal showcases a short-term bullish trend.

In conclusion, it is worth noting a significant downward trendline offering a robust resistance level at $1925. For investors and traders alike, considering a bearish sentiment below this juncture is advisable. Conversely, any movement above this resistance could tilt the balance in favor of the bulls.

GOLD (XAU/USD) - Trade Idea

Entry Price – Sell Limit 1926

Take Profit – 1905

Stop Loss – 1944

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$2100/ -$1800

Profit & Loss Per Micro Lot = +$210/ -$180

Daily Price Outlook

On October 16, the GBP/USD currency pair observed a modest uptick, registering a price of 1.21614, reflecting a gain of approximately 0.15% during the Asian trading window. This movement has been captured over a 4-hour chart timeframe, presenting critical data and inferences.

An essential metric, the pivot point, is identified at 1.22047 for the GBP/USD pair. On the upside, potential resistance levels are established at 1.22815, followed by a stronger resistance at 1.24174, culminating at the significant 1.24971. Conversely, should the pair experience downward traction, the immediate support to be mindful of stands at 1.20658. Subsequent layers of support solidify at 1.1989 and deepen further at 1.18532.

Shifting focus to key technical indicators, the Relative Strength Index (RSI) for the GBP/USD is valued at 40. While this doesn't immediately indicate overbought or oversold conditions, it's verging on a bearish sentiment. The Moving Average Convergence Divergence (MACD) reveals a value of -0.0014, with its signal line positioned at -0.0021. This formation suggests that the MACD line resides above the signal line, potentially hinting at an upcoming bullish momentum. Meanwhile, the 50-Day Exponential Moving Average (EMA) is calculated at 1.22131. Since the current GBP/USD price is slightly below this EMA, it points towards a short-term bearish sentiment.

In conclusion, the 50 EMA coupled with the recently breached upward channel is now establishing resistance at 1.2228. This resistance level holds significance and is one traders and investors might want to keep an eye on for future movements.

GBP/USD - Trade Idea

Entry Price – Sell Limit 1.22041

Take Profit – 1.21197

Stop Loss – 1.22528

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$844/ -$487

Profit & Loss Per Micro Lot = +$84/ -$48

Daily Price Outlook

On October 16, the EUR/USD currency pair marked a value of 1.05248, illustrating a marginal ascent of 0.20%. Over a four-hour chart timeframe, critical data points emerge, illuminating potential future movements.

Starting with pivotal data points, the pair's current pivot point stands at 1.05495. Looking ahead, resistance levels manifest at 1.06018, 1.06912, and 1.07457. Conversely, support tiers for the asset are marked at 1.04558, followed closely by 1.04035 and extending to 1.0312.

Delving into the technical indicators, the Relative Strength Index (RSI) registers at 41, which, while not indicating overbought conditions, suggests the pair is leaning toward the bearish spectrum. The Moving Average Convergence Divergence (MACD) showcases a value of -0.0009, with its signal counterpart at -0.0014. This alignment hints at the MACD line having recently ventured above the signal line, insinuating possible upcoming bullish momentum.

Furthermore, the 50-Day Exponential Moving Average (EMA) posts a value of 1.05601. Interestingly, the current price lies below this EMA value. Traditionally, when a price positions itself below the 50 EMA, it often indicates a short-term bearish trend. Therefore, traders should tread cautiously and monitor subsequent movements closely.

EUR/USD - Trade Idea

Entry Price – Sell Limit 1.05570

Take Profit – 1.04839

Stop Loss – 1.05968

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$731/ -$398

Profit & Loss Per Micro Lot = +$73/ -$39

Daily Price Outlook

On October 13, the S&P500 (SPX) stands at 4340, experiencing a decrease of 0.62% within the last 24 hours. This observation is based on a 4-hour chart timeframe.

The pivot point for the index is pinpointed at 4357. Several significant resistance and support levels emerge around this pivot.

The immediate resistance is located at 4399, followed by subsequent resistances at 4447 and 4504. Should the index retract, immediate support might be felt at 4331, with the potential for steeper declines towards the support levels at 4287 and 4214.

Analyzing the technical indicators offers further insights. The Relative Strength Index (RSI) is currently at 54. An RSI value greater than 50 traditionally indicates bullish sentiment, suggesting a slightly positive momentum for the index.

The 50-Day Exponential Moving Average (EMA) is precisely at the pivot point, 4357. Since the current price is slightly below the 50 EMA, it signals a short-term bearish trend.

In conclusion, the overall trend for the S&P500 (SPX) leans bearish, especially if the price sustains below the 4357 mark. On the flip side, surpassing this level could tilt the sentiment to bullish.

For short-term maneuvers, traders and investors should anticipate the index's movements around these delineated levels, especially with a potential test of the 4399 resistance in the forthcoming sessions.

S&P500 (SPX) - Trade Idea 

Entry Price – Sell Limit 4330

Take Profit – 4445

Stop Loss – 4275

Risk to Reward – 1: 95

Profit & Loss Per Standard Lot = +$1150/ -$587

Profit & Loss Per Micro Lot = +$115/ -$58

Daily Price Outlook

The EUR/USD pair, as of October 13, stands at 1.05442, reflecting a slight increase of +0.14% over the past 24 hours. This analysis is grounded in a 4-hour chart timeframe.

Pivotal to its price movement is the identified pivot point at 1.0545. From here, traders can anticipate several key resistance and support levels. The immediate resistance hovers at 1.0641, with further resistances at 1.0695 and 1.0793.

Conversely, if the pair retreats, immediate support could be found at 1.0489, followed by stronger supports at 1.0394 and 1.0337.

A glance at the technical indicators furnishes us with additional insights. The Relative Strength Index (RSI) is currently at 42, suggesting a neutral sentiment. The 50-Day Exponential Moving Average (EMA) stands at 1.0570. It's noteworthy that the price is below the 50 EMA, which implies a short-term bearish trend.

Chart patterns are also crucial in predicting future price movements. Currently, the EUR/USD has shown an upward channel breakout at 1.0540. This breakout, combined with the 50 EMA positioning, suggests a selling trend.

In conclusion, the overall trend for the EUR/USD is bearish, particularly if it remains below the 1.0570 mark. Conversely, if the asset surpasses this threshold, we might witness a bullish turn. For the short term, traders should be vigilant for potential fluctuations around these mentioned levels.

EUR/USD - Trade Idea

Entry Price – Sell Limit 1.05689

Take Profit – 1.05275

Stop Loss – 1.06103

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$414/ -$414

Profit & Loss Per Micro Lot = +$41/ -$41

Daily Price Outlook

As of October 13, Gold is exhibiting intriguing dynamics on the technical front. Currently priced at $1877, it has experienced a 0.48% uptick within a 24-hour window. Analyzing a 4-hour chart timeframe, pivotal price markers have come to the fore.

A pivot point stands established at $1869. On the resistance spectrum, the initial resistance resides at $1881, followed by subsequent resistances at $1901 and $1916. Conversely, immediate support is delineated at $1854, with ensuing support levels at $1835 and $1820. Diving into technical indicators, the Relative Strength Index (RSI) is noted at 64, alluding to a bullish sentiment, given it's greater than 50.

The 50-Day Exponential Moving Average (50 EMA) further consolidates this sentiment, priced at $1860 and indicating that Gold's price trajectory is above this average, suggesting a short-term bullish trend. The chart also reveals a Triple Top Pattern that might hinder upside momentum around the $1880 mark.

However, the 50 EMA's positioning suggests potential buying opportunities.

On the fundamental front, US inflation data for September 2023 remains unaltered at 3.7%, surpassing the anticipated 3.6%. This steady rate is attributed to a subdued drop in energy prices, primarily as fuel prices make a comeback.

Given these parameters, a bullish overtone is sensed: a breakout above $1880 could stimulate further buying. (edited)

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Stop 1882

Take Profit – 1900

Stop Loss – 1870

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1800/ -$1200

Profit & Loss Per Micro Lot = +$180/ -$120

Daily Price Outlook

On October 12, the USD/JPY currency pair saw a marginal downtrend of 0.11%, positioning at 149.122 during the Asian trading session as reflected in the 4-hour chart. The established pivot point for the pair stands at 148.92.

From a resistance standpoint, USD/JPY confronts an immediate barrier at 150.55, with ensuing levels positioned at 151.78 and 153.41. Contrarily, the support zones are discernible at 147.69, then at 146.04 and further down to 144.81.

Focusing on the technical indicators, the Relative Strength Index (RSI) manifests a value of 55, which tilts slightly towards a bullish bias, yet remains neutral without entering the overbought or oversold territories.

The Moving Average Convergence Divergence (MACD) posts a reading of 0.061, contrasting with its signal line at 0.02, signifying possible upward momentum. Significantly, the pair currently hovers just above its 50-Day Exponential Moving Average (EMA), marked at 148.94, which typically indicates a short-term bullish inclination.

While specific chart patterns are yet to emerge prominently, the overarching sentiment for USD/JPY leans bearish if it settles below the 149.30 mark, with a potential reversal to bullishness if it surpasses this threshold. For the immediate future, traders should remain vigilant and anticipate potential tests of the aforementioned resistance and support zones, which would shape the short-term direction of the currency pair.

USD/JPY - Trade Idea

Entry Price – Sell Below 149.260

Take Profit – 148.407

Stop Loss – 149.838

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$853/ -$578

Profit & Loss Per Micro Lot = +$85/ -$57