Daily Market Analysis
October 5, 2020Daily Market Analysis
October 7, 2020EURUSD
Euro has posted a good buying wave as it was due in 4 hour time frame bigger wave was expected as it was meant to be form by 1 hour time frame too. It has taken the prompt support of 100 parameter ichimoko and today parabolic is on exhaust which was formed and reacted yesterday. Today we have the pivot of the day as 1.1760 and 1.1740 combined will act as the support area upside next targets are 1.1810 and 1.1840
GBPUSD
Pound has also did the same as our main MACD was signaling for an upper wave for yesterday, it was less bigger and less volatile then euro but ichimoko 100 line and parabolic both were supportive for the buying wave , for today we have the day pivot as 1.2956 and 1.30 25 is the next prompt target as it is also our monthly pivot next target can be around 1.3075 and this is the same resistance area for the next couple of days
USDJPY
Yen has posted a tiny high yesterday as we told you that it has left the 300 ichimoko cloud and is now building momentum for a upside ride , as we saw it honoring the 105.50 area in last week and we are above this and its the 1st support line for us staying here for coming sessions and not forming a sell wave below of 105.35 will signal its further up rise of 106.00 Today we have the day pivot as 105.59 and parabolic are supportive also for up wave in a few hours
AUDUSD
Aussie has consolidated almost the whole day yesterday and did not made a considerable move but today in early sessions it posted a high which was meant to do in last night session this is the same resistance level market has posted a high in previous week around 0.7210 , dual rejection has posted a reasonable high and resistance of this level and prices are rejecting itself from there it has opened the area of 0.7130 as support which can be traded soon and then 0.7110
USDCAD
Usdcad was thin yesterday and stays in bearish pressure as we predicted in our yesterday post but it successfully traded the monthly pivot of 1.3243 in today early session. an upside medium strength wave can be expected if it manage to break 1.3270 which is today day pivot for us . further buying pressure can be seen in a condition if it breaks 1.3287. we can have a consolidation for some coming sessions and then a better and bigger wave will be near to trigger
XAUUSD
yesterday gold has taken the full advantage of weekly pivot area which was rejecting itself from 1888 and generated a zig zag pattern adding a high to the previous one of Friday. Market has taken the wave and opened the door for next upper zone which is 1932.today market has a pivot of the day as 1905 whereas the prompt support is 1900 for the day; parabolic is supportive for a buying wave.
WTI
Oil has done the same pull back as we told you earlier yesterday that it has fallen in previous days and the fall is signaling a big support in 4 hour chart situation and it formed the swing and brought it self-back into the 39.50 zone 40.55 And 41.20 is the values of our next upside targets and today pivot is 38.80 for the day. 38.24 is the ultimate area to watch as it is least expected to get traded today it’s a weekly pivot for us in this week thus we cannot ignore it.
NASDAQ100
Nasdaq has posted a sharp rejection of the consolidation area at the opening time of US session. It has taken the hurdle of weekly pivot all day and crossed 11344 and then posted a bull wave and targeted the monthly pivot in the near to close time span. Today pivot of the day is 11426 and market is fails to break the yesterday high may fall again to the weekly pivot in alternate scenario 11600 is in sight
