Daily Technical Forex Forecast 30.08.2017


EUR/USD

The rapid growth of EUR/USD was replaced by a downward correction and now the price is close to the support level 1.1917. It is worth noting that the price fall was rather sharp, but on average volume, so it is impossible to single out any new volume level or zone.
Given that there are 2 levels of support at the bottom of the chart and an upward trend for this currency pair is still actual, it is worth giving preference to long positions.

volume euro tfxi

Nevertheless, we should open purchases after the price increases on the increased volume. Such a confirmation signal is necessary, because the fall was quite rapid and we need to wait for the end signal of this downward correction.
A stop loss should be placed under the level of 1.1917 with a small margin. The deal’s potential is about 100 points (local maximum). If the price continues growing even after reaching this mark, a stop loss should be moved to the break-even and we should continue holding the position.

buy euro tfxi

GBP/USD

The Pound also corrected down after a rapid growth yesterday. The fall of the price was quite smooth and on average volume, so the whole situation did not change: there is no good place for a stop loss + there is a global downtrend.

volume gbp

That’s why the best decision will be just wait for the appearance of large volume on the market and creation of new levels. Only after that we can consider any deals for the pound.

USD/JPY

After the breakdown of the support the pair failed to continue falling and showed a huge growth and now is returned trading back into the consolidation. Despite the abrupt growth, volume on the market was medium, so we can’t point out any new levels that can be used in trading. Moreover, there is a strong downtrend, so that it is too risky to open long positions now + we don’t have a good place for placing our stop loss.

The best decision will be wait for the appearance of new impulses on large volume which will point us the further direction of the price. Now it is too tough to predict the further behavior of the pair.

volume jpy

USD/CAD

USD/CAD grew up strongly on Tuesday, but the growth was on average volume + the price is trading in the local consolidation. Also we need to note that pretty large volume is concentrated in this range.

So now it is pretty difficult to predict further movements of the pair as it is in the range. Of course, the global downtrend is actual, but we can enter the market only after the confident exit of the price from the consolidation on large volume. Until that it is better to stay out of the market.

volume cad

AUD/USD

The Australian dollar has broken out the level of resistance and local maximum. The price also totally absorbed the previous large fall. All these facts + global uptrend are great bullish signals, but unfortunately there is no good place for placing a stop loss. That’s why we need to wait for bullish momentum on large volume so we can put our stop loss below the beginning of the growth. A potential of the deal is 70 pips.

buy aud

XAU/USD

The price showed a downward correction on increased volume yesterday and now is testing the support level 1304.30 – 1307.60. The move was abrupt, so even given the strong uptrend, we should consider long positions only after a confirming signal.

volume gold

Such a signal will be a sharp rebound of the price up from the support. The movement must be supported by large volume. A stop loss should be placed below the level of support. The target of the deal is the local maximum.

buy gold

The sentiment: our scenarios for the Euro, Australian dollar and gold are confirmed by the mood of the market. For the Pound long positions should be in priority, while for the Canadian dollar – short positions. For the Yen the situation is 50/50.

sentiment

The bottom line: almost all instrument showed corrections on Tuesday so now we should enter the market after a signal of the stoppage of these moves and resumption of trends.