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Summary
You will learn a simple system for placing "set and forget" trades while you are away from your computer. You will get the rules, the positives and negatives of the system, and see how you can test this out for yourself to see if it may work for you.
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EUR/USD: 23.6% Fib retracement support breached
EUR/USD closed Wednesday below 23.6% Fibonacci retracement of the March to September rally. The pair may challenge resistance levels at 1.1687 to 1.17, before suffering a deeper drop, as suggested by the head-and-shoulders breakdown seen on the daily chart.
USD/JPY: This could be the bulls's last dance in the 105, eyes on 103.50s
USD/JPY is stalling at market structure and bears and looking for opportunity to the downside. Bulls might have some upside to go yet, but the air will be getting thinner in those heights.
GBP/USD indecisive near 200-day SMA support
GBP/USD created a Doji candle at the confluence of the 200- and 100-day simple moving averages (SMA) on Wednesday. A Doji candle occurs when an asset sees two-way business but ends the day on a flat note. It is considered a sign of indecision.
Gold's potential short-term reprieve if USD pulls back
Gold prices have deteriorated in the US dollar's relentless comeback as investors move away from stocks. The price of the dollar is correlated to gold, so it stands to reason that if the dollar is about to tail off its gains, then gold should find reprieve.
WTI: Oil sellers face rejection below $39.30 for third straight day
WTI fades the drop to sub-$39.30 levels for the third consecutive day. The repeated bear failure may entice buyers and yield a bounce. However, Sept. 18 high remains a level to beat for the bulls.