Weekly Technical Forex Forecast 30.10 – 03.11.2017


EUR/USD

On Friday, EUR/USD slightly corrected upwards, but the price growth was insignificant even in spite of large volume. Also it is worth noting two levels of resistance: the first 1.1692 – 1.1705 and the second 1.1740 – 1.1760. In both levels, large volume is concentrated. In addition, it is necessary to take into account the price exit from the consolidation and the presence of a large accumulation of volume at the top of the chart, which are excellent bearish signals.

volume euro tfxi

Given all of the above factors, it is worth giving preference to short positions. Sales should be opened after a smooth correction of the price up. Growth should be on a small scale. A stop loss should be placed a little above the resistance level. The fall potential is more than 110 points.

sell euro tfxi

GBP/USD

GBP/USD continues trading in the consolidation between two levels 1.3049 and 1.3318, in which very large volume accumulation is concentrated. Thus, the best option is to wait for the price to come out of the consolidation, which will be an excellent signal for entering the market. The breakdown movement must be sharp and on increased/large volume.

volume gbp tfxi

While the price is trading in the consolidation, it’s worth to be out of the market.

USD/JPY

The price tested the resistance level at 114.20 and sharply rebounded down on large volume. It is also worth noting that the price is located in the local consolidation near the given level now, where very large volume is concentrated.

volume jpy tfxi

Therefore, we can trade this currency pair only after the price comes out from this range. Given the presence of an uptrend, it is necessary to give preference to long positions.
Purchases can be opened after the breakdown of resistance level 114.20 on large volume. A stop loss should be placed under the breakout volume bar. The deal’s potential is more than 110 points.

buy jpy tfxi

USD/CAD

USD/CAD corrected downwards on Friday, however, given the rapid price growth last week, as well as the presence of a strong support level of 1.2764 – 1.2777, in which large volume is concentrated.

volume cad tfxi

Thus, it is worth giving preference to long positions. Purchases should be opened after the support test and the rebound of the price from it. A stop loss should be placed under the level of 1.2764. The potential of the deal is about 130-140 points.

buy cad tfxi

AUD/USD

Despite the price growth on large volume on Friday, it is still worthwhile to give preference to short positions in view of the presence of a downtrend, as well as a large accumulation of volume at the top of the chart.

volume aud tfxi

It is possible to open sales after a resumption of the price fall, it is desirable that the move is on increased/large volume, which will be a more accurate and strong signal for entering the market. A stop loss should be placed above the level of 0.7720. The potential of the fall is 80-90 points.

sell aud tfxi

XAU/USD

Gold also corrected to the level of resistance 1273.80 – 1276.20 and is testing this mark at the moment. It is worth noting that the price growth was on large volume, so we should wait for the further price behavior near the resistance.

volume gold tfxi

Given the downward trend and a large accumulation of volume at the top of the chart, it is worth giving preference to short positions.
Sales can be opened after a sharp rebound of the price from the resistance level down. The movement should be on increased/large volume. The potential of the deal is 120-130 points.
If the price breaks through the resistance, our scenario is canceled. As for purchases, they can be considered only after the breakdown of the level of 1290.00 (the previous upper limit of consolidation).

sell gold tfxi

Sentiment: this indicator confirms all of our scenarios (except GBP/USD, which is in the consolidation), which is an excellent confirming signal.

sentiment

The bottom line: a good situation for trading at the moment as there are a plenty of great scenarios for trading.