Forex Trading Tips | Trading Sentiment | Trading Analysis |WBT3

3:XAUUSD

19-10-2020 17:33:10

Long around 1900, Take profit: 1933, Stop loss: 1890

Risk aversion increased (Long).

Gold price rebounded on 19th October.Supported by safe-haven demand, and although volatility was limited, gold price remained at a high level.

Global monetary policy was in a loose pattern, boosting gold price.

Long

Time Frame:1D

 

On the chart of the day, XAUUSD rebounded slightly and was moving above 1900.It may rebound in the short term.

Investors could focus on whether it will test the support.Investors could buy as it reverses. 

Time Frame:4H

 

On the 4-hour chart, XAUUSD was moving above the ascending trend line.It may rebound in the short term to test the resistance near 1933.Investors could buy as it reverses. 

2:XAGUSD

19-10-2020 17:23:59

Long around 24.30, Take profit: 25.50,Stop loss: 24.0.

Safe-haven demand supported precious metal prices (Long).

With the U.S. election looming, a new round of U.S. stimulus remains hope-free.A poor global economic outlook and low buying continue to support precious metals.

Time Frame:1D

 

On the chart of the day, XAGUSD was moving in the ascending channel.It will rebound if it reverses and is supported at the lower edge if the ascending channel.Investors could buy as it falls during the day. 

Time Frame:4H

 

On the 4-hour chart, XAGUSD fluctuated and rose in the short term with potential support at 24.0.

It will continue jumping with the potential resistance at 25.5.If it is supported at 24.0. 

1:USDCAD

19-10-2020 16:53:36

Long around 1.314, Stop loss: 1.310, Take profit: 1.325

Canada Retail Sales better than expected (short)

Canada Retail Sales, m/m (August) increased from 4.3% to % Vs. 0.2% (forecast).

Long

Time Frame:1D

 

On the chart of the day, USDCAD was bullish with effective support at 1.310.Investors could buy.If USDCAD reverses but is supported at 1.310. 

Time Frame:4H

 

On the 4-hour chart, USDCAD rose and then was capped at 1.325 last Friday.It reversed with the demand area at 1.310-1.314. 

Investors could buy as it is steady above 1.310-1.314. 

Due to passage of time and market volatility some of the above patterns observed may no longer be valid.

Disclaimer: 

This material is considered communication for information purposes only and does not constitute investment advice/investment recommendation or, an offer of or solicitation for any transactions in CFDs or any other financial instrument.