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Forex Trade Signals and Setups Oct. 24th
AUDUSD – TKx Signal Plays Out Well
As we blogged about last week on Oct. 18th, the AUDUSD formed a nice upward TKx signal which cued traders of another run to the upside. This is exactly as it has played out as the TKx Signal formed at 1.0289 and here we are over 170pips higher busting through the previous swing highs at 1.0370. The pair also formed a perfect breakout-retest of the aforementioned highs giving traders a nice confirmation signal of the breakout.
The big figure above at 1.0500 has rejected price in the short term but the Tenkan is tracking higher fast along with the Kijun. This is communicating momentum and the trend should continue along with the weak price action rejection off the big figure all are suggestive of higher prices. Bulls should watch for 1.0500 and 1.0575 price action rejections for clues if the pair will continue higher or has run into strong resistance.
GBPUSD – Knocking on 1.6000. Now What?
Over the last 13 days, the GBPUSD has closed upwards on a daily basis 9 of the last 13 days. After forming a nice double bottom pattern off 1.5300, the pair has been making a strong push upwards ever since. Considering how it broke through the short term resistance at 1.5850 which held the pair for about 6 days, the pair busted through with vigor and never looked back suggesting the congestion around 1.5850 was merely a pit stop for the bulls to fuel up for another run.
The initial touch of the 1.6000 big figure setup a dueling swords pattern which played out to perfection and is still knocking on the major figure above. We expect price to push through this and then challenge 1.6100 before bulls have to show their cards again. Pullbacks to the 1.5900 should be watched for with trend setups off the 20ema for the next day or two.
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