2 MA trading strategy Forex analysis for October 6


Today’s simple 2 MA trading strategy Forex analysis provides the technical outlook and setups for four pairs EURUSD, GBPUSD, AUDUSD and NZDUSD.

6 October, AtoZForex – Today analysts expected Us Unemployment claims at 255K, number came out positive with 249K jobless claims. Positive news for Us economy however, the market await NFP report tomorrow.

 

Technical EURUSD analysis: Bearish

According to my 2MA Forex strategy, the pair is trending below moving averages. We can see from 1H chart that 20SMA crossed below 100SMA which indicates further bearish price continuation. Hence, our sell order is still open.

2 MA trading strategy Forex analysis for October 6 2MA strategy Forex analysis for EURUSD (click to zoom in)

Technical GBPUSD analysis: Bearish

From price action perspective today’s 2 MA trading strategy Forex analysis for GBPUSD indicates bearish price development. We can expect the pair to retrace back to 20SMA at 1.2725 level and continue downward. Therefore, I don’t recommend any position at this given moment.

2 MA trading strategy Forex analysis for October 6 2MA strategy Forex analysis for GBPUSD (click to zoom in)

Also See: UOB trade ideas for forex traders on 6th October

Technical AUDUSD analysis: Bearish

From today’s AUDUSD technical analysis we can expect the pair to continue downward. We can see from 1H chart the pair is trending below moving averages. However, we can expect the pair to retrace back to 20SMA at 0.7600 level and continue for further bearish price development.

2 MA trading strategy Forex analysis for October 6 2MA strategy Forex analysis for AUDUSD (click to zoom in)

Fx Pending Sell limit @ 0.7600 with Stop loss: 0.7643 and Take Profit: 0.7565

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 closed below moving averages however, the overall price is neutral. Hence, we can expect the pair to retrace back to 20SMA and continue downward.

2 MA trading strategy Forex analysis for October 6 2MA strategy Forex analysis for NZDUSD (click to zoom in)

Fx Sell Limit @ 0.7161 with Stop Loss : 0.7235 and Take Profit : 0.7130

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