Minors Daily Forecast Oct 11 2017

Minors 956854 1 e1580096617473

AUDUSD: Bearish Despite Recovery Attempts!

As long as 0.7796 resistance holds on a daily closing basis, the AUDUSD remains on the downside to the 0.7732 levels, a halt is likely and a reversal may occur, but a cut will aim the 0.7675 levels, further down, support stands at the 0.7575 levels.

On the upside, resistance comes at the 0.7796levels, above that level sees a recovery risk to the 0.7865 levels where another fall is likely, next resistance comes at the 0.7948 levels.

Note: The AUDUSD will have to break and hold above the 0.7796 levels on a daily closing basis to prevent a return to the downside if this fails to occur, this could mean a return to the 0.7732 levels.

Minors-Daily-Forecast-Oct-11-2017-AUDUSD.pngUSDCAD: Bullish Despite Corrective Threats! 

As long as 1.2585 resistance holds on a daily closing basis, the USDCAD sees a corrective pullback threat to the 1.2475 levels. A halt is very likely and buyers should return here to take it to the upside again but if this fails to happen, further down will be seen to the 1.2415/1.2330 levels.

On the upside, daily closing above 1.2585 will restore the upside momentum and pave the way to the 1.2688 levels ahead of the 1.2770/1.2860 levels.

Conclusion: The USDCAD continues to face upside threats above 1.2475 levels with risk to the 1.2600 levels, below 1.2475 sees a corrective risk to the 1.2415/1.2330 levels before the next rising.