EURUSD, GBPUSD, AUDUSD Daily Forecast for October 11, 2021
Looking at the EUR USD chart on the daily time frame, we see that we are still in consolidation 1.15500-1.16000. Now we need to wait to see if the pair will break below or the consolidation will be positive and climb EURUSD to the previous break zone in area 1.16500-1.17000. The pressure is still on the Euro side. We are more likely to see a further descent towards the psychological level at 1.15000 and a further attempt to continue towards the lower levels on the chart. For a bullish scenario, if we climb to the zone 1.16500-1.17000, we will have resistances in the 20-day and 50-day and the upper downward trend line. The break above us returns to a stronger bullish trend. If we see stronger resistance in that zone, we will see a new pull towards lower values on the chart.
GBPUSD chart analysis
Looking at the GBPUSD chart on the daily time frame, we see that the pair is currently testing a 20-day moving average, 23.6% Fibonacci level, and resistance in the area of 1.36000-1.36500. On Friday, the pair was very volatile, but the price at the opening and closing of the day was 1.36100. The pound failed to make a stronger move to the bullish side. This is because the bearish pressure is still evident. So, we can easily see the decline of this pair to the previous low at 1.34100. We need a positive consolidation for the bullish trend that will move the pair towards the next upper resistance at 38.2% Fibonacci level at 1,3,700 and a 50-day moving average. The break above us leads to a 200-day moving average in 50.0% Fibonacci level at 1,38300.
AUDUSD chart analysis
Looking at the AUDUSD chart on the daily time frame, we see that we have been in a bullish trend for the last week after the pair found support in the zone around 0.72000. Further progress climbed the AUDUSD pair to the current 0.73360 above the 20-day and 50-day moving average. We can now expect better support and a continuation towards the previous high in the zone around 0.75000. Our maximum current goal is to reach the level of the 200-day moving average. For the bearish scenario, we need negative consolidation and a pull below moving averages. After that, we ask for lower support at 0.72000. Then if we go down, the next one is at 0.71000, while psychological support is at 0.70000.
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