"Weekly Forex Forecast - October 13: Expert Analysis on GBP/USD and DOW30 Index Charts"
Weekly Forex Forecast (October 20, 2024)
Source: DailyForex
Market Overview
This week's Forex forecast highlights significant trends and potential movements in various currency pairs and commodities. Key focus is on:
- GBP/USD: testing support & resistance levels
- DOW JONES 30: anticipated upward movement
- Gold: breakout above psychological levels
GBP/USD Analysis
The British Pound is hovering around the 1.30 level, a critical inflection point. If it holds as support, a rise towards 1.33 is likely. However, a drop below 1.2950 may push it down to 1.28.
DOW JONES 30 Outlook
Expect the DOW JONES 30 to strive for a breakout above 43,200. Short-term pullbacks present buying opportunities, with key support at 42,000 and significant backing at 40,000.
AUD/USD Developments
The Australian dollar is showing signs of recovery after reaching the 50 Week EMA. A possible target of 0.68 lies ahead, while a breakdown beneath the candlestick's low could lead to 0.65.
Commodity Insights
- Gold: Recently broke above $2700, with a potential target of $2800. It’s recommended to buy on dips.
- WTI Crude Oil: Currently facing critical support around $68, a bounce is likely but upward potential seems limited.
USD/CAD and USD/CHF Updates
The US dollar is in a bullish trend against both the Canadian and Swiss currencies. Key resistance for USD/CAD is at 1.39, while bullish momentum for USD/CHF continues as it tests the 0.8675 level.
Conclusion
This week reveals potential opportunities across various major currency pairs and commodities. Traders are encouraged to remain alert for breakout points and key resistance levels as they navigate market conditions.
