Daily Technical Forex Forecast 07.09.2017


EUR/USD

The situation for the Euro remains the same as the pair is trading in the local consolidation. Pretty large volume is concentrated in this range, so we can conclude that big players are gaining positions there.

volume euro

Given this fact, we should wait for the exit of the price from the range in order to understand in which direction big players want to push the price. While the pair is trading in the range, we should stay out of the market.

GBP/USD

The growth of the price was stopped by the new resistance level 1.3080, in which large volume is concentrated. Moreover, this level is located in the pin bar on the local maximum and after its creation the price fell down sharply.

volume gbp

Anyway, given the strong uptrend, we should consider long positions as a priority scenario. We can enter the market after a confident breakout of the resistance. The move should be supported by large volume. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 130 pips.

buy gbp

USD/JPY

The price had broken out the previous resistance level, but the further growth was stopped by the creation of the new resistance 109.28 – 109.38, where large volume is concentrated. Given that the growth was on average volume, we still should give preference to short positions, but we should enter the market only after appearance of strong additional signal. Such a signal will be a strong bearish impulse from the resistance. A stop loss should be placed above the level 109.38. A potential of the fall is more than 100 pips.

sell jpy

USD/CAD

USD/CAD showed a huge fall yesterday after the rate decision. The downward move was supported by incredibly large volume, so it is a very strong bearish signal. Also we need to point out the new support 1.2196, which contains large volume that stopped the fall.

That’s why we can enter the market and open short positions after the sure breakdown of the support on increased volume. A stop loss should be placed above the breakdown volume bar. A potential of the deal is 110-120 pips.

sell cad

AUD/USD

The price is still trading in the range below the resistance 0.8014 – 0.8027, where large volume is concentrated. So that our previous scenario remains the same: we should wait for the breakout of the resistance on large volume and then we can consider opening long positions for this currency pair. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 50 pips.

buy aud

XAU/USD

Rapid price growth was replaced by trading in the consolidation. So, now gold is in local consolidation. Also it is worth noting the fairly large volume accumulation, which is concentrated in this range, which indicates the possible accumulation/unloading of large players. To accurately understand what is happening, it is worth waiting for a strong impulse and breakdown of the boundaries of the consolidation. Given the strong uptrend, preference, nevertheless, should be given to long positions.
In addition, it is necessary to point out the upper limit of consolidation/resistance level 1340.80, in which fairly large volume is concentrated.

volume gold tfxi

Thus, it is possible to open purchases only after a sure and sharp breakout of the resistance level on increased volume. After the breakdown and fixation of the price above this mark, we open longs, a stop loss should be placed under the breakout volume bar. The potential of the deal is more than 120 points.

buy gold tfxi

The sentiment: all our scenarios are confirmed by this indicator. For the euro the situation is still the same, long positions should be in priority.

sentiment

The bottom line: pretty interesting situation for trading, but for all instruments we need to get additional signal before we can enter the market.