Weekly FX Market Technical Outlook – October 10th to 14th 2016

Weekly FX Market Technical Outlook – October 10th to 14th 2016

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GBPUSD – Sterling/dollar implodes 

The GBPUSD saw a gigantic 800 pip sell-off on Friday. This is in-line with all of our recent discussions on this pair of looking to sell it. Note, since the inside bar pattern on September 7th, which we discussed as a sell signal in our members commentary price has fallen about 1,500 pips. Price did recoup a lot of losses into Friday’s close, but we remain bearish on this pair and can watch strength for selling opportunities this week.

gbpusd

NZDUSD – Kiwi/dollar continues falling after false-breakout

The NZDUSD has fallen lower since we discussed looking to be sellers back in our commentary from October 4th. We still see this market as bearish and savvy traders can look for pockets of strength to get short this week and target support down near 0.6970 area.

nzdusd

Gold – Gold sells-off, looking for a sell signal on strength

Gold flipped from bullish to bearish last week as it cascaded down through the key support area at 1310.00 – 1300.00, a key level we have been talking about for months now. The line in the sand is now 1310.00; below that level we see risk to the downside and savvy traders can watch for pockets of strength to get short as the market could rotate lower in the coming days after retracing higher, whilst below 1310.00.

gold

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