Investing.com - Financial Markets Worldwide
🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

Forex Outlook: Long-Term Trends Remain In Place For The Dollar, Yen And Gold

ByJason Sen
Published 10/17/2022, 05:22 AM
Updated 07/09/2023, 06:31 AM
EUR/USD
-
AUD/USD
-
NZD/USD
-
AUD/JPY
-
XAU/USD
-
GC
-
  • Gold is holding below minor resistance at 1675/78 should re-target 1668/66, 1660/57 & then retest 1642/40.

    • Gains are likely to be limited with first resistance at 1655/60. Shorts need stops above 1665. A break higher targets 1670/75 with strong resistance at 1683/87.

    • AUD/USD unexpectedly beat first resistance at 6300/20 to reverse from the next target of 6345/55. The pair collapsed to targets of 6265/55 & 6210/00. Further losses retest 6180/70. A break lower (expected eventually with such strong downside momentum) targets 6125/15.

    Gains are likely to be limited with first resistance at 6255/65 & strong resistance at 6330/50.

    • NZD/USD made a high for the day ex at first resistance at 5670/80 to target 5630/20 & 5595/85. Outlook remains negative in the bear trend. Further losses target minor support at the 5530/10 lows & the 2020 low at 5490/70.

    Strong resistance at 5625/45. Shorts need stops above 5675.

    • AUD/JPY rocketed 250 pips from strong support at 9100/9080 to hit 9335/40 before holding resistance at 9370/90. I see no support until we retest 9100/9080.....although I am not necessarily saying we will definitely retest that area. If we do, longs need stops below 9050.

    First resistance at 9380/9400. Shorts need stops above 9050.

    • EUR/USD should meet resistance again at 9800/9820. (A high for the day exactly here on Friday). A break higher however can target 9870/80, perhaps as far as 9920/40. Strong resistance at 9920/40. Shorts need stops above 9970.

    Holding resistance at 9800/9820 did target 9775/65 & support at 9730/10 with a low for the day here on Friday.  Longs need stops below 9680. A break lower targets 9660/50. Below 9630 targets 9600/9590.

    See video below for more details:

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.