TriumphFX Daily Technical Forex Forecast 06.07.2017


EUR/USD

After the test of the support 1.1309 – 1.1329, the price rebounded up and is trading a little bit above this mark. It is necessary to highlight that the movement and all correction of the price was on small volume and smooth.

Besides it we need to point out the presence of pretty large volume accumulation at the top of the chart, that’s why we need to obtain an additional signal to be able to re-open long positions.

volume euro

We can enter the market after the appearance of large volume that will cause an abrupt growth of the price from the support level. A stop loss should be placed below the level 1.1309. A potential of the deal is 110 pips.

buy euro

If the price breaks down the support, it is better to stay out of the market and don’t trade against the global uptrend.

GBP/USD

The situation for the pound is the same as the price tested the level of support 1.2897 – 1.2910 and rebounded up. Now the pair is trading in the local consolidation a bit above the support.

Also we need to highlight the huge volume accumulation at the top of the chart, so we can open purchases only after a strong additional signal.

volume gbp

That’s why it is necessary to wait for the resumption of the growth on large volume. The move should be sharp and strong. A stop loss should be placed below the support 1.2897. A potential of the deal is 100-120 pips.

buy gbp

In case of the breakdown of the support, it is better to skip this pair from trading plan today.

USD/JPY

We need to highlight the new level of resistance for the yen 112.38 – 112.50, in which quite large volume is concentrated. Overall, the price is trading in the local consolidation, but given the uptrend, we should give a preference to long positions.

We can enter the market after the confident breakout of the resistance on increased volume. A stop loss should be placed below the breakout volume bar. A potential of the growth is 90-100 pips.

buy jpy

USD/CAD

USD/CAD failed to continued falling and the price showed a confident growth. The main reason – the fall of oil. Also we need to point out the new resistance 1.3012, that contains large volume.

Given the strong downtrend, it is better to consider short positions, but after the resumption of the fall on really large volume. A stop loss should be placed above the resistance level 1.3012. A potential of the fall is more than 100 pips.

sell cad

AUD/USD

The situation for AUD/USD remains the same as the price is going down while there is a strong global uptrend. Moreover, volume during the fall is small-medium, so we can’t highlight fresh levels or zones.

That’s why it is better to stay out of the market for the Australian dollar today.

trade aud

XAU/USD

Gold tested the level of resistance 1226.00 – 1228.70, but failed to break it out. The price is trading in the local range below this level.

The downtrend for gold is still relevant, so until the breakout of the resistance, we need to give advantage to short positions.

volume gold

We can the market after the resumption of the fall on large volume from the resistance. The movement must be abrupt and strong. Ideally  – bearish momentum. A stop loss should be placed above the level 1228.70. A potential of the fall is more than 120 pips.

sell gold

The sentiment: this indicator confirms all our deals today which is a good sign for trading, especially after the appearance of additional signals and good entry points.

sentiment

The bottom line: we have a plenty of potentially good deals, but we need to wait for confirming signals to be able to trade them.