Analysis for October 13th, 2016
GBPUSD, "Great Britain Pound vs US Dollar"
GBPUSD, Time Frame H4. Indicator signals: Tenkan-Sen and Kijun-Sen are forming "Golden Cross" (1); Tenkan-Sen is directed downwards, Kijun-Sen is moving upwards. However, D Tenkan-Sen and D Kijun-Sen are still influenced by D "Dead Cross" (3). Ichimoku Cloud is falling (2); the daily cloud is heading down as well. Short-term forecast: we can expect resistance from Tenkan-Sen – Senkou Span A, and decline of the price towards support from Kijun-Sen.
GBPUSD, Time Frame H1. Indicator signals: Tenkan-Sen and Kijun-Sen intersected near Kumo's downside border and formed "Dead Cross" (1). Ichimoku Cloud is going down (2), Chinkou Lagging Span is below the chart, and the price is on Tenkan-Sen. Short-term forecast: we can expect resistance from Senkou Span B, and decline of the price.
XAUUSD, "Gold vs US Dollar"
XAUUSD, Time Frame H4. Indicator signals: Tenkan-Sen and Kijun-Sen ran into one another below Kumo Cloud; right now they are intersecting and forming "Golden Cross" (1). D Tenkan-Sen and D Kijun-Sen are influenced by D "Dead Cross" (3). Ichimoku Cloud is moving downwards; the daily cloud is also falling. Chinkou Lagging Span is on the chart; the price is on D Tenkan-Sen. Short‑term forecast: we can expect resistance from Senkou Span A and another support from M Tenkan-Sen.
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Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.