Daily Technical Forex Forecast 01.12.2017


EUR/USD

After a slight correction, EUR/USD showed a sharp price growth, moreover, the upward movement was on very large volume, which is a strong bullish signal. Thus, we can assume that the local uptrend continues.

It is also necessary to note a new level of resistance 1.1929, in which large volume is concentrated, which stopped the price growth.

volume euro tfxi

Considering all the above factors, long positions can be opened after a sure and sharp breakout of the resistance level. The breakout movement should be on increased/large volume, which will be a more accurate signal for entering the market and will protect us from false movements. A stop loss should be placed just below the breakout volume bar. The potential of the deal is 120-130 points.

buy euro tfxi

 

GBP/USD

The Pound continued growing, moreover, the movement was supported by large volume. Besides it, we need to note the new resistance 1.3544, which was created yesterday and contains increased volume. But given that the price did not show any strong reaction on it, we should consider a scenario of its breakout, that will be a great bullish signal.

volume gbp

The breakout movement must be abrupt and supported by large volume, in order to avoid fake breakouts. A stop loss should be placed below the breakout volume bar. A potential of the deal is 100 points.

buy gbp

USD/JPY

Even despite the strong bearish momentum yesterday, the price continued going up and totally absorbed the previous fall of the price. Also we should point out that move was on increased volume, so now we should give preference to long positions

We can enter the market after a smooth correction of the price down in order to get a better entry point. A stop loss should be placed below the level 111.70. A potential of the deal is more than 120 points.

buy jpy

USD/CAD

The pair had broken out the resistance level, but failed to continue growing. The price is located near the local maximum at the moment. That’s why the best decision will be to wait for the sure breakout of this mark and then we can open long positions. A stop loss should be placed below the breakout bar. A potential of the deal is 100-110 points.

buy cad

AUD/USD

The situation for AUD/USD remained the same: the pair is locked in the local consolidation 0.7538 – 0.7649, so our previous scenario is still relevant – we need to wait for the exit of the price from the range. The breakout move must be sharp and on increased/large volume, so it will be a more accurate signal for entering the market.

trade aud

XAU/USD

Gold continued falling, but the move was on average volume, so we can’t point out any concrete volume levels or zones. Moreover, the price is located in the global consolidation, where large volume is concentrated, so that, the best decision will be just to wait for the confident breakout of the range, which will be a good signal for considering new deals.

volume gold

We can enter the market after a sharp exit of the price from the consolidation on large volume, so it will insure us from false breakouts and will be a stronger signal for opening new positions.

While the price is located in the global consolidation, it is too risky to enter the market, so we should stay out of the market.

The sentiment: the mood of the market confirms all our main scenario, which is a great signal for considering deals for these instruments.

sentiment

The bottom line: there are a plenty of good scenarios on the market right now, so we just need to wait for favorable entry points and then can enter the market.

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