06 october 2020...2 6 october, 2020 source tradingview. the figures stated are as of the 6 october...

06 October 2020

26 October,

2020Source Tradingview. The figures stated are as of the 6 October 2020. Past performance is not a reliable indicator of future performance. This report does

not contain and is not to be taken as containing any financial product advice or financial product recommendation

S&P500

• The three-wave corrective pullback from the 3587 high, combined with the rally/close back above resistance at 3330 last week, suggests

the S&P500 put in place a tradable low at the recent 3198 low print and that the uptrend has resumed.

• Further confirmation of this would be a break and close above the next key resistance zone 3420/30ish and this would open the way for

a test and break of the 3587 high (most likely after the US election.)

• Keeping in mind, a break and close below 3198 would warn that a pullback towards 3130/00 is underway.

• Short Term Summary: A mild positive bias is in place increasing in conviction on a break/close above 3420/30.

36 October,

2020Source Tradingview. The figures stated are as of the 6 October 2020. Past performance is not a reliable indicator of future performance. This report does


AUDUSD

• The three-wave pullback from the .7414 high, combined with the rally back above short-term resistance at .7090 last week warned

that a low was in place at the recent .7006 print and that the uptrend has resumed.

• Further confirmation, would be a break/daily close above resistance .7200/10c and this would open the way for a retest and break of

the Sep 1 .7414 high, with scope to .7500c.

• Keeping in mind, a loss of the .7000c/.6980c support area would suggest a deeper pullback is underway towards .6800c.

• Short Term Summary:. A break/daily close above .7200 would confirm a low is in place at .7006 and the uptrend has resumed.

Important Note: The US election is less than 30 days away and President Trumps positive COVID test adds another unknown to the

mix. Expect higher volatility in coming weeks and extra caution will be required when trading, especially for less experienced traders.

46 October,

2020Source Tradingview. The figures stated are as of the 6 October 2020 Past performance is not a reliable indicator of future performance. This report does


EURUSD

• The three wave decline from the Sep 1st, 1.2011 high to the 1.1612 low, the basing pattern ahead of 1.1600 combined with the rally

back above 1.1690 last week, provided initial confirmation that the uptrend had resumed.

• The EURUSD appears set to break and close back above the bottom of the EURUSD recent range 1.1780ish this morning would

provide further confirmation that a tradable low is in place at 1.1612 and the uptrend has resumed.

• Keeping in mind, that a loss of short-term support 1.1700/80 and then below 1.1612/00 would warn a deeper pullback is underway.

• TRADE IDEA: Long EURUSD at 1.1697 . The stop loss can now be raised to 1.1679. The initial target remains 1.1950/1.2000, before

1.2150. Please note this trade is correlated to the long gold and silver trade later in the report - Adjust size accordingly.

56 October, 2020Source Tradingview. The figures stated are as of 6 October 2020. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation

NZDUSD

• The three-wave corrective pullback during September, combined with the rally/daily close back above .6600c warns that a low is in

place at the recent .6512 print and that that uptrend has resumed.

• In this instance, the expectation is for a retest and break of the Sep 18, .6797 high, with scope to .7000c.

• Keeping in mind, a loss of the .6500c support area would negate the positive bias and warn that a deeper pullback is underway

towards .6400c.

• Short Term Summary: A positive bias is in place, leaning against the .6500c support area.


AUDNZD

• The recovery from the 1.0717 low (2 pips short of the wave equality target), combined with last weeks break and daily close above

resistance 1.0820 was initial confirmation the recent pullback is complete and that the uptrend has resumed.

• Further confirmation would be a break/close above the short-term horizontal resistance 1.0850 region.

• Keeping in mind, a break and close below the 1.0715 support would negate the positive bias and suggest a deeper decline to 1.0645

is underway.

• TRADE IDEA: Long AUDNZD at 1.0828 with the stop loss placed at 1.0705. Should AUDNZD break and above resistance 1.0850/60,

the stop loss can be trailed higher to 1.0759. The initial profit target is 1.1025/45, before 1.1500.


USDJPY

• USDJPY’s recovery from the 104.20/00 support negated short-term downside risks while reinforcing the importance of 104.20/00 area

as key support.

• Should USDJPY extend its rally in coming sessions, medium term resistance is located 106.70ish coming from trend channel resistance

and the 200-day ma. Sellers are expected to emerge in this vicinity and should a bearish reversal candle form it would be viewed as the

set-up to a possible short USDJPY trade.

• Keeping in mind it would take a break/close above 106.70ish to switch from a neutral bias to a more positive bias.

• Short Term Summary: A short USDJPY trade will be considered, pending the formation a bearish daily reversal candle 106.70 area.


EURCHF

• The view has been the dip to 1.0727 on September 17, completed a three-wave corrective (abc) pullback from the 1.0877 high.

• However, the price action since then has remained erratic. The shadows above the bodies of the daily candles last week suggests

sellers are now operating just above 1.0800 (down from 1.0850ish previously). While dips remain well supported 1.0750/30 area.

• Due to the ongoing range trading, the long EURCHF trade idea was exited yesterday for a small profit and while the chart will remain

on the radar, we will stay on the side-lines until a break/close above the 1.0870/80 resistance area occurs.

• TRADE IDEA RECAP: Long EURCHF at 1.0765. The trade was exited yesterday for a small profit 1.0785 area.


GOLD

• The recent decline in gold to the $1848 low is viewed as a corrective pullback. While the pullback fell well short of the preferred

wave equality target at $1800, it tagged the support provided by the 100-day moving average.

• A break and close above $1920 would further confirmation the uptrend has resumed looking for a retest and break of $2075.

• Keeping in mind should gold break below $1845, a retracement towards $1800 remains possible.

• TRADE IDEA: Long gold at $1883.00. The stop loss is placed at $1874 and can be raised to $1883 on a break and close above $1920.

The initial target for the trade is for a retest and break of the $2075 high, before $2400.

• Please note the long EURUSD trade is correlated to long Gold and Silver (overleaf). Adjust position size accordingly.


SILVER

• The recent decline in gold to the $21.66 low is viewed as a corrective pullback. While the pullback exceeded the preferred wave

equality target, silver tagged and bounced from the support provided by the 100-day moving average.

• A break/close above $24.55ish would be further confirmation the uptrend has resumed, looking for retest/break of $29.85.

• Keeping in mind, should silver break below the uptrend support $23.20ish and the below the recent $21.66 low it would warn the

pullback can deepen towards $19.00 area.

• TRADE IDEA: Buy silver at 24.61 on a stop entry. The stop loss will be placed at $23.61 and the initial target is just ahead of $26.00

before $29.85. PLEASE NOTE This trade is correlated to long EURUSD and GOLD. Adjust position size accordingly.


Bitcoin

• Following the 5-wave rally from the March 3850 low to the August 12473 high, Bitcoin commenced a corrective pullback.

• A break and close above the 11200-resistance area, would suggest the corrective pullback finished at the September 9825 low and that

the uptrend has resumed.

• Keeping in mind that while Bitcoin remains below 111200, risks remain for retest of the 9825 low, before a move into the 9000/8000

support region.

• Short Term Summary: Use 11200 as the pivot. Turning bullish above, remaining neutral below.

126 October, 2020

DISCLAIMER

DISCLAIMER

TECH-FX TRADING PTY LTD (ACN 617 797 645) is an Authorised Representative (1255203) of Gain Capital Australia Pty Ltd (ACN 141 774 727) which holds an Australian Financial Services Licence (number 345646).

The material provided herein is general in nature and does not take into account your objectives, financial situation or needs. While every care has been taken in preparing this material, we do not provide any representation or warranty (express or implied) with respect to its completeness or accuracy. This is not an invitation or an offer to invest nor is it a recommendation to buy or sell investments. Gain Capital Australia Pty Ltd recommends you to seek independent financial and legal advice before making any financial investment decision. Trading CFDs and FX on margin carries a higher level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial investment further CFD investors do not own or have any rights to the underlying assets. It is important you consider our Financial Services Guide and Product Disclosure Statement (PDS) available at www.cityindex.com.au, before deciding to acquire or hold our products. As a part of our market risk management, we may take the opposite side of your trade. GAIN Capital Australia Pty Ltd (ACN 141 774 727, AFSL 345646) is the CFD issuer and our products are traded off exchange.

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06 october 2020...2 6 october, 2020 source tradingview. the figures stated are as of the 6 october...

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