Daily Technical Forex Forecast 09.11.2017

EUR/USD

The Euro is trading in the local consolidation near the local minimum/level of support 1.1578. Also it must be noted the presence of large volume accumulation within this range, so the best decision will be waiting for the price to come out from it. Only after that we may consider new deals.

Given that the pair is located near the minimum + it fell strongly before; we should give preference to short positions. We can enter the market after a sure and sharp breakdown of the support level on large volume. A stop loss should be placed above the breakdown volume bar. A potential of the deal is 120 points.

GBP/USD

GBP/USD us still locked in the global consolidation, where large volume is concentrated. Also we need to point out that the price resumed its falling and is trading near the lower boundary of the range 1.3061 – 1.3090.

Anyway, the best decision will be waiting for the pair to exit from the consolidation. The move must be sharp and on large volume, which will be a more accurate signal.

USD/JPY

After the test of the support 113.62 – 113.76, the price grew up but then fell down strongly once again and is testing this level one more time at the moment. The fall was sharp and supported by increased volume, so we should consider the scenario of opening short positions.

We can enter the market after a fixation of the price below the support and a resumption of the fall. A stop loss should be placed above the level 114.03. A potential of the deal is 150 points.

USD/CAD

The price resumed falling and is trading near the local minimum, so our previous scenario remains the same – we can open sales after a sure breakdown of the local low. A stop loss should be placed above the breakdown bar. A potential of the deal is up to 200 points.

AUD/USD

Nothing has changed for the Australian dollar as the pair is still located in the global consolidation, where large volume is concentrated. Now the price is in the middle of this range, so we should consider new deals only after a sure exit of the pair from the consolidation.

Until that it is better to stay out of the market.

XAU/USD

The price of gold continued its growth and tested the resistance level/upper limit of the consolidation 1282.70 – 1284.60. The movement was on increased volume, however, the pair could not break through this level and remained trading within the consolidation.

At the moment, the price is testing this volume level again, which allows us to consider the scenario of opening long positions in case of a breakout of this mark.

The breakout movement must be sharp and on large volume, which will insure us from false breakdowns and will be a more accurate and strong signal for entering the market. A stop loss should be placed just below the breakdown volume bar. The potential of the deal is 180-190 points.

If the price bounces down after the level test, it’s better to stay out of the market.

The sentiment: this indicator stays a but useless due to consolidations for almost all currency pairs. Only the scenario for the Euro is confirmed.

The bottom line: the situation on the market remain tough, so we need to wait for strong additional signal to be able to consider new deals.