BeanFx Market Review Volume 5
BeanFx Market Review Volume 5 page will show readers 4 hour and daily analysis, forecast and signals on Foreign Exchange currency pairs with a focus on Fibonacci Strategy.
However, we suggest that you check the article written on the Fibonacci strategy in this blog for better understanding.
Technically, moving averages (50, 100, 200 and 500 Moving Averages) will also be added to the chart.
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SCOPE FOR 26TH OCTOBER 2020:
EURUSD (Price closed for the week at 1.18613):
Cluster of resistance lies at 1.1970 area.
At 1.1769, we have a medium support where we have a confluence of moving averages, ascending trendlines and Fibonacci support levels.
Price is also appears to be forming higher lows on the 4 hour time frame.
If price breaks above the resistance at 1.1970 area, 1.1211 area will be the next resistance zone.
A break of the support at 1.1769 will pave way for a slide to 1.1722 before further slide to 1.1640 area where we have a stronger support level.
Overall trend for EURUSD on the monthly chart is Bullish.
XAUUSD (Price closed for the week at 1901.67):
Gold price is currently wedged beneath a cluster of resistance at 1910 area.
Support zones are at the 1883 and 1875 levels.
Further support levels are at 1849 and 1838 area.
A break above the 1910 resistance area will take price to 1930 level.
Stronger resistance is seen at 1971 area.
The overall trend for XAUUSD on the monthly chart remains Bullish.
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