{"id":96300,"date":"2016-10-04T05:04:14","date_gmt":"2016-10-04T09:04:14","guid":{"rendered":"http:\/\/countingpips.com\/?p=96300"},"modified":"2016-10-04T07:04:37","modified_gmt":"2016-10-04T11:04:37","slug":"fx-technical-outlook-03-10-2016","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/10\/fx-technical-outlook-03-10-2016\/","title":{"rendered":"FX technical outlook 03-10-2016"},"content":{"rendered":"
October 4, 2016<\/div>
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Article by ForexTime<\/a><\/p>\n

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USD\/CAD<\/p>\n

The pair continue to trade sideways in the hourly chart between 1.3150 resistance and 1.3057 support, which keeps the short-term view neutral in this pair. Consequently, traders should wait for a clear break outside of this range to have a clear picture about the future price action.<\/p>\n

Looking the daily chart, prices keep forming a higher low structure from 1.2765 support and the recent major low is located at 1.3000 psychological support. Meanwhile, a breakdown below this support will confirm a strong negative signal especially that prices already showed a triple top bearish pattern around 1.3280 level.<\/p>\n

In the opposite, a daily close above 1.3150\/80 resistance zone should clear the path for another rally in the pair.<\/p>\n

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AUD\/USD<\/p>\n

The Australian Dollar remain steady in the short-term. The pair is bullish in both the daily and the hourly chart, which can send prices into another wave to the upside that can reach 0.7730 area in the coming hours.<\/p>\n

From a technical standpoint, we have seen a bearish trap near 0.7600 psychological support as prices fell below this level during last Friday to reach a low of 0.7589 before to bounce strongly as bulls managed to protect this major support.<\/p>\n

Looking at the recent price action, the pair continue to respect the higher lows structure seen from 0.7150 support, consequently, the preference should be to the upside. In the hourly chart, as far as 0.7590 low is in place, the pair should continue to gain ground in the direction of 0.7730 resistance and only drop below 0.7640 will cancel this positive outlook.<\/p>\n

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NZD\/USD<\/p>\n

The New Zealand Dollar is fighting for a clear direction in the near-term as prices remain stuck inside a wide range, which stands between 0.7365 level in the upside and 0.7230\/20 support zone in the downside. In addition, prices are trading within a consolidation triangle in the hourly chart, therefore, the view still neutral in this pair.<\/p>\n

From a short-term perspective, the focus will be on 0.7300 barrier as a break above it will trigger another wave higher in the direction of 0.7330 followed by 0.7365 major resistance in extension. While in the other side, a daily close below 0.7200 support will confirm a potential head and shoulders reversal pattern with a theoretical target around 0.6927 level in the following days.<\/p>\n

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EUR\/USD<\/p>\n

The euro failed to overtake 1.1250 resistance zone on Monday as prices retreated for the second time in a row from this hourly barrier.<\/p>\n

As of now, the focus switched to 1.1200 support as a break below it, should confirm another wave of weakness in the direction of 1.1153 low. When looking at the daily trend, it is clear that the pair is trading sideways and traders should wait for either a daily close above 1.1250 resistance or below 1.1153 support to confirm the next path for the single currency.<\/p>\n

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GBP\/USD<\/p>\n

The British pound began the new month on a bearish note after U.K Prime minister gave some indications that the trigger of article 50 is likely as early as March 2017.<\/p>\n

The pair immediately sank to a low of 1.2902 during the pre-open hours before to stabilize around 1.2945 for the whole Asian trading session. Few hours later, cable sold-off during the European session as bears managed to push prices below 1.2915 support, which cleared the path for an acceleration to the downside. As of now, we expect the pair to pullback on the back of profit taking and a re-test of 1.2895-1.2915 resistance zone remain possible before another wave lower begin. Overall, the main trend is bearish and the preferred strategy for traders is to sell rallies as far as 1.3032 peak is in place.<\/p>\n

In extension, all eyes are turned on 2016 low located at 1.2798 as a break below it will send prices into a new free falling zone that can reach as low as 1.2650 area in the near future.<\/p>\n

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USD\/JPY<\/p>\n

The pair lost its bearish momentum as bulls succeeded to protect 100.00 psychological support.<\/p>\n

In addition, prices broke above 101.25 near-term support reinforcing the probability of a bullish reversal in the hourly chart. However, the positive momentum remains weak and a daily close above 101.80 barrier is needed to confirm another rally towards 102.75 major resistance.<\/p>\n

In the flipside, as far as 100.75 low is in place any drop should be considered as temporary and we should see new buyers around 101.10 level for another jump in the pair.<\/p>\n

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Disclaimer: <\/strong>The content in this article comprises personal opinions and should not be construed as containing personal and\/or other investment advice and\/or an offer of and\/or solicitation for any transactions in financial instruments and\/or a guarantee and\/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.<\/em><\/p>\n

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\"Forex-Time-Logo\"Article by ForexTime<\/a><\/span><\/strong><\/p>\n

ForexTime Ltd (FXTM)<\/strong> is an award winning international online forex broker regulated by CySEC 185\/12 www.forextime.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Article by ForexTime USD\/CAD The pair continue to trade sideways in the hourly chart between 1.3150 resistance and 1.3057 support, which keeps the short-term view neutral in this pair. Consequently, traders should wait for a clear break outside of this range to have a clear picture about the future price action. Looking the daily chart, […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-96300","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/96300","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=96300"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/96300\/revisions"}],"predecessor-version":[{"id":96332,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/96300\/revisions\/96332"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=96300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=96300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=96300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}