Free Forex Signals for 10.28.2015
- The AUD is broadly weaker against the majors in the wake of disappointing CPI data.
- The CAD is higher even though the BoC’s Lane did not offer anything new on policy or the economy, as expected.
- The USD, EUR and GBP are mostly unchanged ahead of today’s start of the FOMC meeting.
AUDUSD, Daily
Price looks to retest .7160 before continuation of its downtrend for a 0.7062 target in the immediate short term. Price has broken down through recent lows at .7200. Targets further out could be near 0.7100 and 0.7020. However attempts to form a higher low near 0.7260 could signal a potential recovery towards the .7400′s.
USDCAD, Daily
Stochastic Oscillator analysis is starting to turn bearish. The medium term risk of a deeper retracement of the May to September 1.1922-1.3454 advance to a minimum of 1.2658-88 and possibly 1.2507-61 is possible; provided we get a solid break below the recent upward trend line. The longer-term trend does remain up. However, for the short term daily trader, I would expect any downward movement to stop near the 1.3180 – 1.3045 levels.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
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