Just before September was concluded the author of “Forex NOT For Dummies” trader’s journey book Yagub Rahimov and AtoZForex Chief Currency Strategist Yury Sofranau took the stage with live October Forex Analysis using True Fibonacci Waves supported by AtoZ Approved Forex Broker CFI Markets.
03 October, AtoZForex – Since September came to its end, what can traders expect for October? How will the Euro react to Deutsche Bank news, what will happen to GBP after the Article 50 trigger date announcement, how should traders read charts and predict market movements by True Fibonacci Wave theory? We cover it all during the live October Forex Analysis using True Fibonacci Waves for EUR/USD, USD/JPY and Gold.
EURUSD – No clear trend defined
On EURUSD looking into the last 12 months we can see that the pair is moving within a symmetrical triangle formation with a dynamic support and resistance level. Furthermore the monthly closing level of the pair could be identified as a pivotal point for traders. Hence for the time being traders are recommended to follow the fundamentals and avoid extra risk for the pair.
USDJPY – BoJ failing to act properly
Similar to EURUSD, USDJPY is also moving in line with its triangle formation with its dynamic resistance at the level of 101.70 and support at 100.14. However, it is expected that JPY will be appreciating first showing signs of fake breakout before depreciating again. Nonetheless, for the time being the best possible entry position for USDJPY in October is at 99.45 level.
USDJPY BUY Limit @ 99.45, SL@ 98.85, TP1@ 100.00, TP2@ 100.85, TP3@ 101.90
Gold – True Fibonacci Wave short accomplished
As we analysed Gold right after the FOMC minutes announcement earlier according to the True Fibonacci Wave theory, our short entry from 1342 has given us a tremendous profit opportunity. At the moment we are looking for no entry point until 1304 level is accomplished. This is the level considered to be a significant support zone and a potential reversal level.
This session was sponsored by AtoZ Approved Forex Broker, CFI Markets. The company offers a true STP trading environment giving traders an unbiased market opportunities. Open your demo account now to test the broker and the entries.