The USD index: The dollar index fell to 111.40. The price did not break its support level. So, I hope that price will rise from this level to 112.60. The bullish pattern of the USD index can be seen by a hammer in the hourly chart. So, the price will rise, and gold and other pairs will fall. They all reached their resistance level. The price may surge to the 200 SMA line. Then we will see a bearish movement if the price remains below 200 SMA. The breakout of this moving average will put the price at the 114.20 level. See the chart below:
TODAY FUNDAMENTAL NEWS: In the economic calendar, we see two impacted news that will affect old prices. I expect the falling rate of gold and euro. Today, we have AUD news. It will change the Australian market. See the chart below:
Trading Activities: CLOSED TRADES: Yesterday, I opened a sell trade in crude oil. I got an S/L after the USA session opened. I forgot for searching bullish pattern. But I covered this loss by gold trade. I didn't share my analysis because I opened a trade later. The reason for opening this trade is behind the increasing volume and retest of a support level. I expected a 1685 target. But the price moved fifty pips above my target. I am already in buying opportunity in pounds. I made more the two hundred profit by all trades. See the picture below:
RUNNING TRADES: Today, I opened a sell trade in gold. The gold price already rose to the previous resistance level. I expect a bearish trend in gold from the 1690-95 level. Today, I am waiting for a support level in Canadian price. I opened a buy trade which is floating at a loss. See the picture below:
USD/CAD: The Canadian dollar managed to break through resistance at 1.3790. And after last Friday's high at 1.3840, positive momentum has regained control of the Canadian dollar. Based on today's technical analysis, my trade is up but cautiously relying on the continuation of the pair, positive stimulus from 50-day SMA. Therefore, a possible resumption of growth is the target at 1.3850. A jump and rise above the level will strengthen the development of the pair. So we will wait for the next level of 1.3900. Stochastic is again trying to overcome the current negative sentiment to gain additional momentum.
Trade Details: Symbol: USD/CAD Open Price: 1.3648 Order: Buy Take Profit: 1.3750 Stop Loss: 1.3580 Lots size: 0.50 Time: 2022-10-04 Status: running at a profit of $2
GOLD: Gold prices managed to reach the bullish target at 1690. Looking at the technical standpoint, looking at the 4-hour chart, we saw gold gaining positive momentum from the simple moving average. A day trading is stable below 1695, and bearish potential is high. Confirmation of a break of 1695 is a condition for increasing the chances of a move up to 1702. The price of gold is under negative pressure again, looking at around $1,660. I expect the price will fall from 1690-95 level with targets at 1670 and 1660. Stochastic is overbought, and we may see some price movement before turning in the daily direction.
Trade Details: Symbol: GOLD Open Price: 1689.46 Order: Sell Take Profit: 1677.00 Stop Loss: 1702.00 Lots size: 0.07 Time: 2022-10-04 Status: running at a loss of $7
