Forex Outlook: Long-Term Trends Remain In Place For The Dollar, Yen And Gold

2022.10.17 06:59

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• is holding below minor resistance at 1675/78 should re-target 1668/66, 1660/57 & then retest 1642/40.

Gains are likely to be limited with first resistance at 1655/60. Shorts need stops above 1665. A break higher targets 1670/75 with strong resistance at 1683/87.

• unexpectedly beat first resistance at 6300/20 to reverse from the next target of 6345/55. The pair collapsed to targets of 6265/55 & 6210/00. Further losses retest 6180/70. A break lower (expected eventually with such strong downside momentum) targets 6125/15.

Gains are likely to be limited with first resistance at 6255/65 & strong resistance at 6330/50.

• made a high for the day ex at first resistance at 5670/80 to target 5630/20 & 5595/85. Outlook remains negative in the bear trend. Further losses target minor support at the 5530/10 lows & the 2020 low at 5490/70.

Strong resistance at 5625/45. Shorts need stops above 5675.

• rocketed 250 pips from strong support at 9100/9080 to hit 9335/40 before holding resistance at 9370/90. I see no support until we retest 9100/9080…..although I am not necessarily saying we will definitely retest that area. If we do, longs need stops below 9050.

First resistance at 9380/9400. Shorts need stops above 9050.

• should meet resistance again at 9800/9820. (A high for the day exactly here on Friday). A break higher however can target 9870/80, perhaps as far as 9920/40. Strong resistance at 9920/40. Shorts need stops above 9970.

Holding resistance at 9800/9820 did target 9775/65 & support at 9730/10 with a low for the day here on Friday.  Longs need stops below 9680. A break lower targets 9660/50. Below 9630 targets 9600/9590.

See video below for more details:

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