
Forex and Xau/Usd(Gold) outlook for 04.10.2023
AudJpy- Where to sell for 1:3 R:R
Yesterday, like all the Jpy pairs, AudJpy was also affected by the verbal intervention from BoJ.
The pair dropped quickly 200 pips, but more importantly, it broke under important confluence support at 95.
This level is offering now a good resistance point and, with the pair in recovery at this moment, rallies should be sold.
In conclusion, prices close to 95 are good opportunities for bears and, considering a target at 92 next important support, a good 1:3 R:R could be achieved.

Nas100- Next target: 13500
In mid-September, I wrote that Nas100 could drop to 14500 support.
Indeed, this target was hit on 28 September and a correction followed from this support level.
Yesterday, all this up correction was negated by a strong red candle and a local high could be in place.
My bearish outlook for indices is unchanged and, in the Nasdaq case, I expect a new leg down to the 13500 zone.
Rallies should be sold in search of good risk:reward.

Gold- New low and reversal after?
As I said yesterday, Gold is approaching a very strong support level, and considering the 1k pips drop in only a few days, a correction is probable.
Yesterday’s price action was very volatile, also suggesting the bottom is near.
Although XauUsd could correct up without making a new low, considering the trend is strongly down, from money management and R:R perspective, only a buy in 1805-1810 would make sense.
That being said, I’m looking to buy dips for a new test of yesterday’s high.

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