Forex trading plan for October 15
By Kira Iukhtenko
US figures on Wednesday pulled the US Dollar down below the 94.50 support. Retail sales and PPI disappointed the markets and lowered expectations for a rate hike in 2015. On Thursday, we’ll watch the US CPI and the Philly Fed manufacturing index. US currency is expected to stay under pressure until the end of the week.
EUR/USD is testing new highs above the 1.1400 mark. As you may see from the H4 chart, trend resistance has been broken today. We still target the 1.1500 mark and expect the pullback from here. Pay attention to the 55-week SMA at 1.1440 – this is a strong resistance.
GBP/USD chart remains highly volatile. After a drop by 100 points on Tuesday, the pair gained almost 200 points on Wednesday. With the bulls now dominating the market, we now see space for growth to 1.5500. Support is seen at 1.5380 and 1.5330.