Daily Technical Forex Forecast 29.09.2017


EUR/USD

On Thursday, the pair corrected upwards after a fairly long fall. It is worth noting that the price growth was small and on small volume. Thus, this movement should not be considered as a reversal or bullish signal.
volume euro tfxi
Therefore, it is worth giving preference to short positions, especially given the large accumulation of volume at the top of the chart. Nevertheless, currently there is no good opportunity to open sales, because there is no reliable place for a stop loss. It is necessary to wait for the appearance of increased or large volume in the market and the formation of a new volume level, which can be used as a place for a stop loss. The target is 1.1688.

GBP/USD

The situation is similar for the Pound: the price corrected upward on small volume yesterday, however, given the price exit from the consolidation and the fact that large volume accumulation is at the top of the chart, it is worth giving preference to short positions.
volume gbp tfxi
The trade scenario is the same as for the euro: it is worth waiting for the appearance of large volume and the formation of a new volume level, from which it will be possible to open sales. A stop loss should be placed a little above the new level. The target is 1.3300.

USD/JPY

After the test of the local maximum the Yen corrected down, but volume during the fall was small, so we should not regard it as a reversal signal. That’s why our previous scenario remains the same: long position after a breakout of the resistance 113.20. 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 around 100 pips.

buy jpy

USD/CAD

USD/CAD has corrected to the level of support 1.2404 – 1.2428 and is trading near this level. The correction was on small volume, so our previous scenario remains the same: long positions after a resumption of the growth. Perfectly if the movement is supported by increased volume. A stop loss should be placed below the support. A potential of the deal is 130 pips.

buy cad

AUD/USD

Like other majors, AUD/USD corrected on small volume, so nothing has changed here and or previous scenario is still actual: we should open short positions after a strong bearish impulse. A stop loss should be placed above the beginning of the sharp fall. A potential of the deal is 60-70 pips.

sell aud

XAU/USD

Gold also showed an upward correction and the move was also on small volume, that does not consent us to consider it as a reversal signal. Moreover, we should note that fall of the price was on increased volume + the previous support was broken down previously, so given these facts we should give preference to short positions.

volume gold

We can open short positions after a resumption of the fall on increased volume or a strong bearish impulse. A stop loss should be placed above the beginning of the sharp fall. A potential of the deal is up to 150 pips.

sell gold

The sentiment: our scenarios for USD/JPY and USD/CAD are confirmed. This indicator for the Euro and gold is equal, that’s why we need additional signals to be able to trade these instruments.

sentiment

The bottom line: the situation on the market is puzzled, so we should be extremely careful while trading. USD/CAD and USD/JPY are in priority today.