Daily Technical Forex Forecast 05.10.2017


EUR/USD

The Euro is still trading in the consolidation, where large volume is concentrated. So we can consider that big players are gaining new positions at the moment. That’s why the best decision will be waiting for the price to come out from this range and then deliberate new deals for EUR/USD.

Also we need to note that the breakout move should be sharp and supported by large volume, it will be a more accurate signal for entering the market.

volume euro

GBP/USD

The Pound is also trading in the consolidation right now. We need to point out the presence of large volume accumulation in this local range, so the exit of the price from it will be a great signal for entering the market. Given the local downtrend and the location of the price near the lower boundary of the consolidation, we should give preference to short positions.

But anyway, we should enter the market only after the price breaks out the boundaries of the consolidation.

volume gbp

USD/JPY

USD/JPY moves unpredictably, as the price falls down, then grows up and all these moves are on small volume. But overall, it is locked in the local consolidation a little below the level of resistance 113,20. So that our previous scenario remains the same: due to the strong uptrend we should still give preference to long positions. We can enter the market after a confident breakout of the resistance on large volume. A stop loss should be placed below the breakout volume bar. A potential of the deal is 120 pips.

buy jpy

USD/CAD

The downward correction for this currency pair has stopped and now the price is trading in the local consolidation above the support level 1.2404 – 1.2428. So now we need to wait for a resumption of the growth and then we can open long positions. A stop loss should be placed below the support. A potential of the growth is 100-110 pips.

buy cad

AUD/USD

AUD/USD is still trading in the local range between level 0.7802 – 0.7872. Also we need to note that pretty large volume is concentrated in this range, that’s why the best decision will be just to wait for the price to breakout the  one of the boundary of the consolidation and exit from it. The move should be abrupt and on increased/large volume.

While the pair is trading in the range, we should stay out of the market.

volume aud

XAU/USD

Despite the fact that the price remained trading in the local consolidation, it is necessary to note a fairly sharp fall of gold on fairly large volume. It is also worth highlighting the new volume support level 1272.20, which was formed during this downward movement. In addition, this level is the lower limit of large volume accumulation, which is concentrated in this consolidation. Therefore, breakdown of this mark will be an excellent signal for the continuation of the local downtrend.

volume gold tfxi

The breakout movement must be sharp and on increased volume, which will be a more accurate signal for entering the market. This will also protect us from false breakdown. A stop loss should be placed just above the breakdown volume bar. The potential of the deal is about 120-130 points.

sell gold tfxi

The sentiment: our scenarios for the Yen and gold are confirmed. The mood of the market for all other instruments (except CAD) is equal, which is normal as they are in consolidations.

sentiment

The bottom line: unfortunately, there are no good entry point at the moment, so we need to wait for appearance of some additional signals to be able to enter the market.