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Hybreed forex forecast analysis for the week ending 19th to 23rd October 2020

Technical Analysis: brought to you by Hybreed Forex Price Action

Sunday, 18 October 2020, 11:26 pm
in Columnists, Opinion & Analysis
0
Forex Forecast for the week; 6th July – 10th July 2020
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EURUSD

EURUSD continues to range between 1.1700 and 1.1960. September formed a bearish engulfing candle that is still intact and in play.

EURUSD sold off from 50% Fibonacci retracement. We should keep in mind that the bullish wedge breakout on the monthly time frame is still intact. A pullback is still a possibility.

As long as the price remains above the multiyear wedge on the monthly time frame, a higher EURUSD In the coming weeks is what I would expect.

A close below 1.1700 and 1.1650 might send the EUR down to 1.150/1.1450 (wedge support). A buy signal from the wedge support zone will send the price higher towards 1.1960 and 1.2350.

Read also; Market review: U.S Equity, Oil and the week ahead

EURUSD daily time frame.

GBPUSD

The cable remains bearish after breaking out of a rising wedge on the 7th of September after breaking below the 1.2980 support level. The cable is consolidating again, gearing up for a further move south, at least that is what the price action puts at.

The current consolidation is an ascending channel or a bear flag. A break below 1.286 channel support will expose 1.279/1.280, 1.264 followed by 1.245.

Alternatively, a close above 1.2980 will expose 1.325, a break of which will expose 1.350.

GBPUSD daily time frame

NZDUSD

The kiwi is in the same place as the GBPUSD. NZDUSD broke free from a rising wedge on the 22nd of September, sold off below 0.6660 in a 163 pips move, and rose into a potential bear flag. Currently, the price is near the channel support of 0.6565.

A daily close below the channel support might open the door to 0.6400, followed by 0.620. 0.620 is the measured objective of the rising wedge.

Alternatively, a buy signal from 0.6565 might send the pair in the opposite direction towards the channel resistance 0.66840, with a break above that exposing the September high of 0.6780.

NZDUSD daily time frame

EURJPY

EURJPY broke out of a rising wedge on the 12th of September 2020. The rising wedge has an objective of 781 pips in the area of 117.350. Further hints can be found on the monthly time frame, where there is an engulfing bar after the breakout. An ascending channel has since developed, and it is worth keeping an eye on.

A break below 123.00/122.630 confluence of support might expose 121.270, followed by 119.755 and 118.478.

Alternatively, a buy signal will send the pair back towards the channel at 125.242.

EURJPY daily time frame

XAUUSD

Gold formed a fake breakout. Last week I wrote about that rising wedge however, if we redraw the top of the wedge starting from 2015.57 high, we will still have a perfect wedge. Resistance comes in around 1910/1918 confluence of resistance zone. Support comes in around the 1850/1830 area.

Given the nature of this consolidation, one can either choose to trade from high to low, depending on where we get a buy or sell signal. Alternatively, one can decide to wait for a breakout from the top of the wedge, for a move into 1970,2015 and possibly 2075.

XAUUSD daily time frame

Written by:

Chijioke Maduakor

@ Hybreed Forex Price Action

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