Weekly Technical Forex Forecast 02-06.10.2017


EUR/USD

The situation for the Euro is rather confusing, because this tool is in the global consolidation. On the one hand, large and strong volume level formed at the bottom. On the other hand, the local maximum was tested twice, after which the price fell every time. In addition, volume is evenly spread throughout the consolidation.
Given all of the above factors, the best solution would be to wait for the price to exit from the consolidation and only then trade this currency pair.

volume euro tfxi

GBP/USD

The pound began trading in the local consolidation again. Moreover, in this range fairly large volume is concentrated.

volume gbp tfxi
Thus, we can open short positions only after the breakdown of the lower boundary of the consolidation. As for long positions, they should be considered only after the breakdown of the local maximum, because there is a large volume accumulation at the top of the chart . Before its breakdown, we should not consider long positions.

USD/JPY

After the local maximum test of 113.20, the price began trading in the consolidation just below this level. Given the strong uptrend and the fall of the price on small volume, it is worth considering the purchase scenario after the breakdown of the level 113.20. A stop loss should be placed under the breakout bar. The potential of the deal is about 120 points.

buy jpy tfxi

USD/CAD

After the test of the support level 1.2404 – 1.2428, USD/CAD showed significant growth on increased volume, which is a good bullish signal. We can open long positions after the resumption of price growth. It is desirable that this movement is supported by increased/large volume. A stop loss should be placed under support. The potential of the deal is about 110-120 points.

buy cad tfxi

AUD/USD

AUD/USD is trading in the consolidation at the moment. It should be noted that fairly large volume is concentrated in this range. Thus, this currency pair should be traded only after the breakdown of the boundaries of this consolidation.
The breakdown movement must be sharp and on increased volume.

While the price is trading in this local consolidation, it is better to be out of the market.

volume aud tfxi

XAU/USD

Gold continued falling, but, unfortunately, this movement was on small volume, so it is impossible to allocate some new volume level. Therefore, despite that short positions in the priority, now there is no good entry, because there is no acceptable place for a stop loss.
Thus, it is necessary to wait for a strong bearish impulse down on increased volume, which will be an excellent signal for sales, and a stop loss can be placed just above the beginning of a rapid price fall. The potential of the deal is about 130-140 points.

sell gold tfxi

The best deals: USD/CAD, XAU/USD

Potentially good deal: USD/JPY

Stay out of the market: EUR/USD, GBP/USD, AUD/USD