Daily Technical Forex Forecast 01.09.2017


EUR/USD

The Euro tested the support level and rebounded up sharply. Now the price is trading a little bit above this level. The growth was supported by ASK deltas, which means that buyers were dominating the market. Thus, we should give preference to long positions after an additional signal that will confirm the resumption of the uptrend for EUR/USD.

volume euro

The confirmation is a strong bullish impulse from the support level on increased volume. A stop loss should be placed below the test of the support. A potential of the deal is around 150 pips. The target is 1.2060.

buy euro

GBP/USD

The Pound grew up strongly and on large volume yesterday. Also we need to note that the new level of support was created. It’s 1.2865 – 1.2886. This level level contains large volume after which the price went up rapidly.

volume gbp

That’s why we should give advantage to long positions. We can enter after the stoppage of the downward correction of the price. A stop loss should be placed below the level of support with a little margin. A potential of the deal is more than 100 pips.

buy gbp

USD/JPY

The Yen failed to breakout the higher boundary of the global consolidation and now is still trading inside this range. Also the fall of the price was sharp and supported by large volume, but it was spread throughout the move, so we can’t highlight any new volume level or zone.

trade jpy

That’s why we need to wait for the exit of the price from the range and only after that we can consider opening any new deals for USD/JPY.

USD/CAD

After the release of the news related to oil, USD/CAD showed a really sharp fall of the price. The move was supported by incredibly large volume. Also we need to point out the new resistance level 1.2554 – 1.2570 where large volume is concentrated.

So that, we should give preference to short positions. We can enter the market after a little upward correction of the price to obtain a better entry point. A stop loss should be placed above the resistance. A potential of the deal is around 80 pips.

sell cad

AUD/USD

The Australian dollar continues trading in the global range. Yes, the price grew up strongly yesterday, but volume was spread throughout the chart, so we can’t point out any new volume level or zone.

trade aud

In such a case it is better to stay out of the market until the price comes out of the consolidation.

XAU/USD

Gold resumed its growth on Thursday and completely absorbed the previous volume fall of the price. It should be noted that the upward movement of the pair was quite sharp and was supported by large volume, and a new volume support level of 1315.20 – 1318.80 was formed.
Thus, we can talk about the resumption of an uptrend on this instrument.

volume gold tfxi

Given these factors, it is worth giving preference to long positions for gold. We can open the longs after the test of the support level and a rebound of the price up on large volume. It is also possible the growth of the price from the current level. The main thing is that the continuation of the growth should be on increased volume. A stop loss should be placed under the support level. The deal potential is more than 150 points.

buy gold tfxi

The sentiment: all our scenarios are confirmed except USD/JPY and AUD/USD which are trading in the consolidations.

sentiment

The bottom line: we have a plenty of good scenarios after the creation of new volume levels.