2 MA trading strategy Forex analysis for October 3


Today’s simple 2 MA trading strategy Forex analysis provides the technical outlook and setups for four pairs EURUSD, GBPUSD, AUDUSD and NZDUSD. After the announcement by UK PM Theresa May regarding March 2017 Brexit negotiations, will we see GBP at $1.20 by end of 2016?

3 October, AtoZForex – The remaining high impact news on today’s economic agenda was ISM manufacturing PMI for US economy. The previous value was 49.4, the actual figure 51.5 was higher than the forecast of 50.4. The US dollar index rose on the drop of this reading.

Technical EURUSD analysis: Neutral

From price action perspective today’s 2 MA trading strategy Forex analysis for EURUSD indicates neutral price development. The price is trending between 20SMA and 100SMA. We can expect the pair to break 1.1250 for further bullish price development. Therefore i don’t recommend any position for this pair today.

2 MA trading strategy Forex analysis for October 3 2MA strategy Forex analysis for EURUSD (click to zoom in)

Technical GBPUSD analysis: Neutral-Bearish

According to my 2MA Forex strategy, the pair is trending below moving averages. We can expect the pair to retrace back to 20SMA at 1.2920 level and continue for further bearish price development.

2 MA trading strategy Forex analysis for October 3 2MA strategy Forex analysis for GBPUSD (click to zoom in)

Fx pending SELL LIMIT @ 1.2917 with Stop Loss: 1.3010 and Take Profit: 1.2810

Also See: Weekly USDCAD & GBPUSD technical analysis into NFP

Technical AUDUSD analysis: Neutral-Bullish

From today’s AUDUSD technical analysis we can expect the pair to continue upward. We can see from 1H chart the pair is trending above moving averages. Hence, both 20SMA and 100SMA are flat on 1H chart which indicates neutral price action development.

2 MA trading strategy Forex analysis for October 3 2MA strategy Forex analysis for NZDUSD (click to zoom in)

Technical NZDUSD analysis: Neutral-Bearish

Lastly, for today’s NZDUSD technical analysis we expect the pair to continue downward. We can see from 1H chart that the price is trending below moving averages. Therefore, we don’t have clear trend for this pair at this given moment.

2 MA trading strategy Forex analysis for October 3 2MA strategy Forex analysis for NZDUSD (click to zoom in)

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