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  • Weekly / Long-Term Forecast

    Weekly / Long-Term Forecast, October 2 - 6

    LEADING INDICATORS

    econom

    Main news of this week:
    Monday: EU/GBP - Manufacturing PMI; EU - Unemployment rate
    Wednesday: EU/GBP/US - Services PMI; US - ADP; Oil - inventories
    Friday: US - n-f payrolls !!!

    EURUSD

    Weekly forecast, October 2 - 6

    On previous week EU Core CPI dropped to 1.1 from 1.2, that is bad sign for euro perspective, also remembering words of Draghi about QE reducing, that at present time is looks not real: economy slows down... Same time US shown increasing of GDP from 3.0% to 3.1%, that is optimistic for dollar. Fundamental picture is showing good perspective for dollar rising, but in same time eurusd rebounded up from key support level 1.1712 - 1.1760, from that very possible we can have correction wave to strong resistance 1.1910 and possible higher, to key resistance 1.2037. So looks, that before dollar will start his uptrend, he should fall a little, to unload.

    The market is trading along an uptrend with target on 1.1910. that may be expected to continue, while market is trading above support level 1.1744 - 1.1712.
    An downtrend will start as soon, as the market drops below support level 1.1744 - 1.1712, which will be followed by a move down to support level 1.1612.

    eurusd

    eurusd weekly chart

    eurusd weekly chart



    GBPUSD

    Weekly forecast, October 2 - 6
    On previous week GBP GDP is dropped from 1.7% to 1.5%, that is very-very bad sign for pound currency... Same time we can see that technically market already created trend top and on the level 1.3587 we have strong resistance, that will prevent uptrend from any futher rising. So from current level or from 1.3587 we can expecting downtrend to support level 1.3135.

    The market is trading along a downtrend with target on 1.3135, that may be expected to continue, while market is trading below resistance level 1.3587.
    An uptrend will start as soon as the market rises above resistance level 1.3587, which will be followed by a move up to resistance level 1.3915.

    gbpusd

    gbpusd weekly chart forecast





    GOLD

    Weekly forecast, October 2 - 6
    The market is trading along a sideways trend between support 1268 and resistance 1290.
    An uptrend will start as soon as the market rises above resistance level 1290, which will be followed by a move up to resistance level 1320.
    An downtrend will start as soon, as the market drops below support level 1268, which will be followed by a move down to support level 1241.

    gold

    gold weekly chart forecast

    CRUDE OIL

    LEADING INDICATORS

    oil econom


    Weekly forecast, October 2 - 6

    Oil production now on the yearly top, inventories increasing duriang a few weeks (not looking on the last one, where was not a big drop), same time technically market is trading on the key resistance level 52.87 - 53.87. Its possible, that market can try to get the last one, but really market now is looking more for downtrend, than for uptrend, also considering that Brent is already going in strong falling and already re-broke down her main support.

    The market is trading along a downtrend with target on 49.70, that may be expected to continue, while market is trading below resistance level 52.10 - 52.87.
    An uptrend will start as soon as the market rises above resistance level 52.87, which will be followed by a move up to resistance level 53.87 and possible will try to get 55.21.

    oil

    us oil wti weekly chart forecast

    by Anton Kolhanov

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