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Weekly Price Action & Ichimoku Chart Highlights | Oct. 7th-12th

AUDUSD

The Kumo Break discussed last week has found its way lower as expected, even coming back towards the flat bottom and rejecting off of it twice. The pair also formed a tenkan-sen kijun-sen cross downward (medium), so the downside move could start to gain traction if it can clear the main lows at 1.0151. Being that the pair is likely in a Y-wave, this would also support the more downside theory and likely selling pressure to remain all week.

I'm expecting a downside target of 1.0008 at a minimum to fulfill the Y-wave before buyers would consider coming back into the market. So bulls have a level lower they can enter while bears can sell any rejections around 1.0263 or near the flat Kumo top.

(click to enlarge)tenkan-sen kijun-sen cross Y-wave ichimoku 2ndskiesforex.com oct 7thClick to enlarge

Gold
Continuing the uptrend with a pin bar rejection off the 20ema last week, the precious metal ended the week forming an outside bar near the critical $1800 resistance area where I suspect a fair amount of stops are parked just above. The shiny metal has yet to make significant gains over the last three weeks, only slowly inching higher. However, it continues to form higher lows and be bought up on the dips, so the major trend is still in place.

Bears can look for shorts at the $1800 figure taking profits at $1790 and $1780 while bulls can look for pullbacks towards the $1755 region before entering long as the overall trend remains intact for now.

(click to enlarge)outside bar pin bar price action 2ndskiesforex.com oct 7thClick to enlarge

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