Traders Edge: Market Briefing 18/10/23
18 October 2023
In today’s Trader’s Edge Market Briefing, Tomasz has identified the following unique setups that may catch your interest:
- EURUSD: Creating right shoulder of an inverse head and shoulders pattern; attempting to break out of the channel down formation.
- USDCHF: Breaking the long-term uptrend line and marking new local lows.
- Dow Jones: Targeting a key resistance level at 34,500 points.
- Nasdaq: Trapped between the upper boundary of the wedge pattern and a horizontal support at 14,900 points.
- NZDUSD: Teetering above a crucial horizontal support at 0.586; a breakout below would signal a selling opportunity.
- GBPCHF: Experiencing a downward trajectory after breaking free from its long-term lateral movement.
- Gold: Achieving new monthly highs, post its breakout from the channel down formation.
- Silver: Tallying new monthly highs after a strong rebound above its uptrend line.
- Oil: Trending upwards, driven by the ongoing geopolitical unrest in the Middle East.