Good day trader,
Finally the first week of October has come to an end.
We have three more trading weeks remaining in the month of October, hope you are sticking to your trading rules?
If you are, thumbs up to you, if you aren’t, there is still room for improvement buddy (I know you got it in you)
Alright, let’s go into our charts, and get ready for the last battle for the week.
1. XAU/USD(GOLD)
“He who has the rules, makes the rules” (In Jafar’s voice) lol
Gold is currently on a key support level (intersection point 1197.83) formed by two ascending channel. On the daily time frame, the gold is currently in a downward channel and my bias is that price will most likely break this intersection to further go down to the next support level (118.17).
However, there is a slight probability that price may just consolidate above the support level.
Remember its freaky Friday, and if you decide to trade, do so with utmost caution.
2. EUR/JPY
EUR/JPY is currently resting on a support level (130.885)
How the 10pm candlestick closes is very paramount to the next direction of price. If price breaks the current support level, we could see price on a bearish run to level 130.129 before the market closes.
If the present support level rejects price, we may see a bullish price move to level 131.685 before market close.
Finally…..BE CAUTIOUS!!!… Its tricky Friday.
Please drop a comment if you have contrary views or if our technical analysis has been of any assistance to you
Do have a great day ahead, and I wish you a beautiful weekend folks.
