Daily Technical Forex Forecast 01.11.2017


EUR/USD

The price is trading in the local consolidation below the level of resistance 1.1692 – 1.1705. Pretty large volume is concentrated in this little range, so after the exit of the price from it, we can consider new deals. Given the presence of the resistance and the strong fall of the price last week, we should give preference to short positions.

volume euro

We can enter the market after a resumption of the fall and the exit of the price from this local consolidation. A stop loss can be placed above the range. A potential of the fall is around 110-120 points.

sell euro

GBP/USD

Despite the abrupt growth of the price yesterday, the pair is still located in the consolidation between two volume levels: the support 1.3049 – 1.3318. Besides it we should note the location of large volume accumulation in this range.

That’s why the best scenario will be just to wait for the exit of the pair from the range. The breakout move should be sharp and on increased volume, which will be a strong signal for entering the market.

volume gbp

USD/JPY

The Yen is still trading in the consolidation between two strong volume levels: the support 111.73 – 111.86 and the resistance 114.20. The yesterday’s growth of the price was on small volume, so we can’t trade this move.

So the best decision will be waiting for the pair to come out from the range. The move should be abrupt and supported by increased/large volume. While the pair is located in the range, we should stay out of the market.

trade jpy

USD/CAD

After a slight correction late last week and consolidation on Monday, USD/CAD continued its growth yesterday and is trading near the local maximum now. It is worth noting that the upward movement was sharp and on increased volume, which is an excellent bullish signal. Given the presence of a local trend upwards, at this time it is worth considering exceptionally long positions on this instrument.

Purchases should be opened after a confident and sharp breakout of the local maximum. It is desirable that the breakout movement is on increased/large volume, which will be a more accurate and strong signal for entering the market. A stop loss should be placed below a volume breakout bar. The deal’s potential is more than 110 points.

buy cad tfxi

AUD/USD

The Australian dollar is trading in the local consolidation near the minimum. Quite large volume is concentrated in this range, so the exit of the price from it will be a good signal for considering new deals. Given the local downtrend, it is better to give advantage to short positions.

We can enter the market after the sure breakdown of the local minimum. A stop loss should be placed above the breakdown bar. A potential of the deal is 60-70 points.

sell aud

XAU/USD

XAU/USD is still locked between two volume levels. The first one is the support – 1264.40 – 1266.00, the second one is the resistance – 1282.70 – 1284.60. Also we should note that large volume accumulation is located in this consolidation, so the best decision will be watch for the exit of the price from it and only after that consider new deals for gold.

volume gold

The breakout move should be sharp and supported by large volume, in order to avoid any fake breakouts.

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

The sentiment: our deals for EUR/USD, AUD/USD, USD/CAD are confirmed by this indicator. For all other pair sit does not matter as they are located in ranges.

sentiment

The bottom line: nothing has changed on the market yesterday, so almost all our previous scenarios remain actual. Watch for some fundamental news today in order to avoid unnecessary entries.