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Foreign exchange practical strategy on October 20

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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange]: October 20th practical foreign exchange strategy". Hope this helps you! The original content is as follows:

U.S. dollar index: The U.S. index rose last Friday and was blocked below 98.55, but fell below 98.00 and was supported, which means that the U.S. dollar is likely to maintain an upward trend after a short-term decline. If the U.S. index falls and stabilizes above 98.10 today, the target for the market outlook will be between 98.65 and 98.85. Today, the short-term resistance of the US dollar index is at 98.60--98.65, and the important short-term resistance is at 98.80--98.85. Today, the short-term support of the U.S. index is at 98.10--98.15, and the important short-term support is at 97.80--97.85.

EUR/USD: The decline in Europe and the United States last Friday was supported above 1.1650, and the rise was blocked below 1.1730, which means that Europe and the United States are likely to maintain a downward trend after a short-term rise. If the rise in Europe and the United States encounters resistance below 1.1705 today, the target of the market decline will be between 1.1635--1.1605. Today, the short-term resistance in Europe and the United States is at 1.1710--1.1715, and the important short-term resistance is at 1.1755--1.1760. Today, the short-term support in Europe and the United States is at 1.1635--1.1640, and the important short-term support is at 1.1605--1.1610.

Gold: Gold fell last Friday and was supported above 4187.00, while its rise was blocked below 4380.00, which means that gold is likely to maintain a downward trend after a short-term rise. If gold's rise today is blocked below 4280.00, the target for the market outlook will be between 4187.00--4155.00. Today, the short-term resistance of gold is 4279.00--4280.00, and the important short-term resistance is 4319.00--4320.00. Today's short-term support for gold is 4187.00--4188.00, short-term important support is 4155.00--4156.00.

EUR/USD operation strategy: If it rises to 1.1705--1.1715, it can be sold, with stop loss above 1.1760, and targets at 1.1635--1.1640, 1.1605--1.1610.

GBP/USD operation strategy: If it falls to 1.3390--1.3400, you can buy, with stop loss below 1.3350, and targets at 1.3470--1.3475, 1.3505--1.3510.

AUD/USD operation strategy: If it rises to 0.6510--0.6520, it can be sold, with stop loss above 0.6540, and targets at 0.6460--0.6465, 0.6425--0.6430.

USD/CAD operation strategy: If it rises to 1.4045--1.4055, it can be sold, with stop loss above 1.4100 and targets at 1.3990--1.3995, 1.3975--1.3980.

USD/JPY operation strategy: If it falls to 149.70--149.80, you can buy, with stop loss below 148.90, and targets at 150.95--151.00, 151.40--151.45.

Order summary on October 17: The EUR/USD short position was successfully established between 1.1720--1.1730, and the lowest fell to 1.1651. The short-term profit margin is between 65--75 points. EUR/USD successfully established a long position between 1.1655 and 1.1665, rising to a maximum of 1.1679. The short-term profit margin is between 10 and 20 points. GBP/USD successfully established a long position between 1.3400 and 1.3410, rising to a maximum of 1.3438. The short-term profit margin is between 30 and 40 points. The USD/JPY short position is in the right direction, but not within the price range for establishing a position.

I would like to remind everyone that if the day's strategy reaches the expected closing target first, investors seeking stability can give up the day's operation plan. When investors actually implement this strategy, they can start arranging corresponding positions 5-10 points in advance, but the stop loss price should be implemented to the letter.

When making an order based on this strategy, when there is a profit of more than 30 points, please protect the parity and take profits. Never let a profit order turn into a loss order.

Standards for opening a position: if the risk tolerance is below 20%, you can do 0.1 lots per 2,000 US dollars; if the risk tolerance is between 20% and 50%, you can do 0.1 lots per 1,000 US dollars; if the risk tolerance exceeds 50%, you can do 0.2--0.3 lots per 1,000 US dollars.

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Trusted by over 15 Million Traders

The Most Awarded Brokerfor a Reason

Easy Access to 1,400+ Global Assets

XM Forex Trading Platform

CATEGORIES

News

market analysis

Foreign exchange practical strategy on October 20

Related News

The Most Awarded Broker
for a Reason